The past week was a rollercoaster ride for investors of Bitcoin ETFs. Starting on a negative note, nearly $240 million left the eleven funds, marking the worst day in three months. The trend continued with $168.4 million being withdrawn at the beginning of the new week. Grayscale’s GBTC, Ark Invest’s ARKB, and Fidelity’s FBTC were among the most affected, with significant outflows recorded.
Although the week had its fair share of outflows, Wednesday and Thursday saw a glimmer of hope with inflows of $52.5 million and $157.6 million, respectively. However, the positive streak was short-lived as Friday witnessed $89.7 million in outflows. In total, the spot Bitcoin ETFs saw outflows totaling $167 million, despite BTC’s price fluctuations during the week.
Unlike Bitcoin ETFs, Ethereum ETFs have struggled to attract substantial demand since their launch. However, the past week brought some positive news with inflows totaling almost $105 million. BlackRock’s ETHA led the pack with significant inflows on Monday and Tuesday, followed by a slight downturn towards the end of the week.
Despite the outflows and market volatility, Bitcoin’s price plummeted below $50,000 at the start of the week but managed to surpass $60,000 by the week’s end. On the other hand, Ethereum’s price also experienced fluctuations, dropping to $2,100 on Monday before recovering to over $2,600 by the end of the week.
The past week was a turbulent one for both Bitcoin and Ethereum ETFs, with significant inflows and outflows impacting investor sentiment. The market-wide crash at the beginning of the week added to the uncertainty, but both cryptocurrencies managed to bounce back by the end of the week. It will be interesting to see how the coming weeks unfold and whether investors continue to show interest in these volatile assets.
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