Bitcoin ETFs' Demand Is Back, But the ETH Catch Remains

The spot Bitcoin and Ethereum ETFs broke the negative streak registered last week and ended the current trading one with net inflows.

The US-based spot Bitcoin and Ethereum ETFs ended the current trading week with net inflows, breaking the negative streak registered last week.

Bitcoin ETFs Demand Recovered Last Week

CryptoPotato reported last weekend that the 11 spot Bitcoin ETFs in the United States had experienced net outflows for the first time in nine trading days. The total outflows for the period amounted to $274.3 million.

However, the tables turned once again on Monday, with these products seeing $235.2 million in net inflows. Fidelity’s FBTC and BlackRock’s IBIT led the pack with $103.7 million and $97.9 million, respectively.

Investors changed their behavior in the next three days, with $18.6 million in net outflows on Tuesday, $40.6 million on Wednesday, and $81.1 million on Thursday.

Nevertheless, the trading week ended on a positive note with another $253.6 million in net inflows. FBTC was at the forefront once again with $117.1 million, while Ark Invest’s ARKB followed suit with $97.6 million.

Consequently, the overall numbers for the week stood at $348.5 million in net inflows. The developments on Friday coincided with (or perhaps drove) a substantial rally for BTC, which surged from the Thursday low of $58,800 to a weekly peak of $63,400 before retracing slightly to its current level of $62,500.

The ETH Catch-Up

The spot Ethereum ETFs also ended the week slightly in the green. Despite the $8.1 million withdrawn on Tuesday and $0.1 million on Friday, Thursday’s net inflows of $10.1 million managed to offset the losses.

However, looking closer at the total numbers actually confirms a previous narrative that the demand for the ETH ETFs is simply lacking. Monday and Wednesday saw no reportable flows.

This, combined with a previous article from this week that compares the first 79 trading days for the Ethereum ETFs with the initial months of the BTC ETFs, solidifies the notion that investors show little to no interest in the second-largest cryptocurrency.

Still, ETH’s price also recovered from the Thursday crash and is 2% up on the week. Currently, the asset trades close to $2,450, which is about $100 higher than the weekly low.

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