Bitcoin ETF Inflow Streak Snapped as Ethereum Funds Continue to Soar
The U.S. spot Bitcoin ETFs experienced a significant reversal on August 28, recording $201.9 million in net outflows that snapped their nine-day inflow streak.
This marks a notable shift in sentiment for these funds, which had seen consecutive inflows since mid-August and have now trimmed their cumulative net inflows to around $55.1 billion.
The reversal comes as the funds' total net assets stand at roughly $93.9 billion, with the ETF flow tracker flipping its Bitcoin sentiment reading to 'bearish' on the day.
Bitcoin ETFs had been experiencing a strong run, drawing in $2.8 billion over an eight-day streak as Bitcoin tested $80,000 and earlier notched their biggest single-day haul since May, with daily inflows repeatedly topping $300 million and peaking above $600 million on August 20.
Ethereum ETFs, however, showed no signs of fatigue, taking in $102.1 million to extend a 10-day streak and lift their cumulative net inflows to about $12.9 billion against $13.8 billion in total net assets.