ETF Flows Shift: Bitcoin Sees Red, Ethereum Breaks Streak
The Bitcoin and Ethereum ETFs saw a shift in flows last week after recording significant inflows the previous week. The spot exchange-traded funds tracking the performance of Bitcoin turned red, with just one day recording more net inflows than outflows. The ETH ETFs broke a five-week green streak but recorded significantly less violent net withdrawals compared to their Bitcoin counterparts.
According to data from SoSoValue, the Bitcoin ETFs saw a reversal in fortunes last week after recording their best week since April with over $850 million entering the funds. However, this week saw net outflows of nearly $390 million, with Monday being the most painful day at $144.67 million. Tuesday was the only positive day, but the actual $4.89 million inflows were not enough to offset any losses.
The largest Bitcoin ETF, BlackRock's IBIT, continues to lead the pack with net assets of nearly $47 billion, followed by Fidelity's FBTC and Grayscale's GBTC. In contrast, the Ethereum ETFs broke a five-week green streak but recorded modest net withdrawals of just $2.26 million.