The negative streak in terms of flows for the spot Bitcoin ETFs continued in the past week and has now become the longest since those products were greenlighted in mid-January.
At the same time, the Ethereum counterparts still see little activity, with investors’ demand and interest obviously missing.
Bitcoin ETFs’ Negative Streak
CryptoPotato reported last weekend the substantial outflows of $277.2 million registered in the prior five-day trading period. The landscape only worsened in the past week, even though September 2 was a national holiday in the States.
For the four-day trading week, investors pulled out $287.8 million on Tuesday, $37.2 million on Wednesday, $211.1 million on Thursday, and $170 million on Friday. Fidelity’s FBTC was the biggest loser, leading the adverse trend in three out of the four days.
Overall, $706.1 million left the US spot Bitcoin ETFs within this timeframe. Moreover, this extended the negative streak to eight consecutive days in the red, which has now become the longest.
Aside from the previous Monday (August 26), when investors allocated $202.6 million in the ETFs, all subsequent trading days have been in the red. This means that the overall outflows within the past two weeks alone have been close to $900 million.
Consequently, the total AUM has fallen below $50 billion for the first time since May 1. As such, it’s safe to assume that the ETF outflows are among the most probable reasons behind BTC’s price decline of 7% in the past week.
U.S BASED SPOT #BITCOIN ETF AT LOWEST LEVEL SINCE MAY 1.
After a bearish week for the prices of many crypto tokens—only three of the top 50 tokens by market cap gained on the week, the value of U.S.-based spot bitcoin and spot Ethereum exchange-traded funds have hit new… pic.twitter.com/0in9Ogy1XJ
— Karan Singh Arora (@thisisksa) September 8, 2024
ETH ETFs Lack Demand
While the spot Bitcoin ETF flows are quite volatile, the same cannot be said about the Ethereum counterparts. The second-largest cryptocurrency is yet to capture investors’ interest and demand.
Tuesday was the worst day in terms of outflows, with $47.4 million leaving the ETH funds. $37.5 million was pulled out on Wednesday, while Thursday and Friday saw minimal activity, with $0.2 and $6 million in outflows.
Recall that there was zero reported activity last Friday, while the outflows have dominated in 11 out of the last 13 trading days.
The post Weekly ETF Recap: Bitcoin Sees Longest Negative Streak, Ethereum Demand Missing appeared first on CryptoPotato.