The past week saw significant volatility in the market, with spot Bitcoin and Ethereum ETFs receiving a lot of attention. The week started off on a negative note, with almost $240 million leaving Bitcoin ETFs, marking their worst day in three months. The trend continued into the new week, with $168.4 million being withdrawn. Grayscale’s GBTC, Ark Invest’s ARKB, and Fidelity’s FBTC were among the top funds experiencing outflows. Tuesday also saw outflows amounting to $148.6 million, with FBTC leading the pack at $64.5 million. Interestingly, BlackRock’s IBIT remained inactive during these two days, only to see inflows of $52.5 million on Wednesday and a whopping $157.6 million on Thursday. The week ended with outflows of $89.7 million on Friday, resulting in a total of $167 million outflows for Bitcoin ETFs.
The spot Ethereum ETFs, launched on July 23, have not seen substantial demand from investors. However, the past week showed some positive signs. The week began with inflows of $48.8 million on Monday and $98.4 million on Tuesday, with BlackRock’s ETHA leading the way. Despite outflows on Wednesday, Thursday, and Friday, the overall numbers for the week were in the green. This marked the first week of positive flows for the Ethereum ETFs, with almost $105 million in inflows. ETH’s price also experienced fluctuations, dropping to $2,100 on Monday but rebounding to $2,700 on Friday and hovering around $2,600 by the end of the week.
The past week was a rollercoaster ride for Bitcoin and Ethereum ETFs, with significant inflows and outflows. Despite the outflows in Bitcoin ETFs, the price of BTC managed to rebound above $60,000 by the end of the week. On the other hand, the Ethereum ETFs saw their first week of positive flows, signaling a potential shift in investor sentiment towards ETH. The market is likely to continue experiencing fluctuations in the coming weeks as investors navigate the uncertain waters of the cryptocurrency market.
