Ethereum ETFs Thrive as Bitcoin Funds Suffer Big Net Outflows
The Ethereum ETFs showed no signs of slowing down, despite the recent market volatility. In contrast, Bitcoin funds experienced significant outflows over the past week, with a total of $460 million leaving the funds.
Last Friday was particularly positive for ETH ETFs, coinciding with a major surge in price to an eight-month high. The underlying asset's rally has been impressive, and the Ethereum ETFs have been gaining net inflows as a result.
The Bitcoin ETFs, on the other hand, had their best week in months between August 17 and 21, attracting over $1.9 billion as BTC's price soared from under $65,000 to almost $80,000 within days. However, the trend changed last week, with net outflows beginning on Tuesday and totaling $462.73 million by Friday.