Although Thursday saw the highest daily net outflow in four months of well over $600 million, the spot Bitcoin ETFs still managed to end the week in the green.
The same cannot be said about their Ethereum counterparts, which have bled for the fourth consecutive week.
BTC ETF in the Green But…
It was a rather controversial week on the BTC ETF front. After two weeks in a row in the red, the funds broke the negative streak on Monday with a massive net inflow of $526.60 million. Another $23.16 million entered the financial vehicles on Tuesday, which coincided with the underlying asset’s first price uptick.
The actual breakout attempt took place a day later when BTC jumped to $85,000 for the first time in two weeks. Naturally, the net inflows were quite spectacular on that day, with $528.50 million entering the funds. However, the rejection later that day, and especially on Thursday and Friday, was largely propelled by net outflows.
Data from SoSoValue shows that the withdrawals on Thursday skyrocketed to their highest levels since late June at $635.49 million. Farside shows that the Friday outflows were up to $137.9 million. Nevertheless, the week still ended in the green with $304.77 million. Thus, the cumulative total net inflows surged from under $56.9 billion to almost $57.2 billion.
ETH ETFs Keep Bleeding
The Ethereum ETFs have been in a dire state for about a month now. Their negative streak began at the end of September, and they have seen only three green days since then. The past week only extended this adverse period, with another $220 million leaving the funds.
It began with a massive withdrawal wave of $103.28 million on Monday. Another $26.13 million followed on Tuesday, while Wednesday brought some relief, with almost $15 million entering the funds. However, the tide turned once again on Thursday, with $110.50 million taken out. The second green day for the week came on Friday, when Farside reported a minor inflow of $4.4 million.
The ETH ETFs have seen well over $1.2 billion in net outflows since late September when the total net inflows had neared $14 billion. As of Friday’s close, the figure stood below $12.75 billion. Meanwhile, the underlying asset slumped by over 4% weekly, and now struggles at $2,350.
The post Bitcoin vs Ethereum ETFs: The Gap Is Getting Hard to Ignore appeared first on CryptoPotato.
