Bitcoin ETF Inflow Streak Snaps as Ether Funds Keep Buying

The nine-day streak of net inflows into US spot bitcoin exchange-traded funds (ETFs) came to an end on August 28, when $202 million in outflows made their way out of the funds. This marked a reversal from the previous nine trading sessions, which had seen fresh money pour in every day since August 17. The combined assets under management for these bitcoin ETFs surpassed $100 billion on August 27, with Blackrock's Ishares Bitcoin Trust (IBIT) adding $277.6 million in a single day.

However, this nine-day run of inflows was not without its precedents. In May, the same group of funds experienced a record nine-day outflow streak that drained roughly $2.8 billion while bitcoin's price slid from around $80,000 to $73,000.

In contrast, spot ether ETFs continued their buying spree, adding $102 million and extending their own ten-day streak. This divergence in fortunes for bitcoin and ether's ETFs is notable, given that the two assets have broadly mirrored each other's prices throughout this period.