Bitcoin Sells Off as Ethereum Sees Surging Institutional Demand

Crypto ETFs have diverged in flows, reflecting shifting investor sentiment. Last week, US crypto spot ETFs experienced notable outflows and inflows, with Bitcoin witnessing significant sales while Ethereum attracted substantial purchases.

The net outflow from Bitcoin spot ETFs was approximately $61.53 million, equivalent to around 915 BTC. This movement indicates a bearish sentiment among investors, as Bitcoin's price continues to hover around $62,730.

Fidelity and Grayscale ETFs collectively sold 2,017 BTC, driving the primary selling pressure in Bitcoin. BlackRock, however, made a substantial purchase of 30,179 ETH, highlighting increasing institutional interest in Ethereum.