ETF Recap: Another Strong Week for Bitcoin Funds, Ethereum Demand Lacks
The spot Bitcoin ETFs enjoyed another week of substantial inflows, with almost $1 billion entering the funds in the past five trading days.
The same cannot be said about their Ethereum counterparts, which actually ended the week with minor losses.
$1B Enters BTC ETFs Weekly
CryptoPotato reported last weekend that the 11 spot Bitcoin ETFs had registered their best weekly performances since mid-March by attracting more than $2 billion in net inflows. This became the catalyst for an impressive BTC rally that drove the asset from $62,500 that Monday to $69,000 at the end of the trading week (Friday).
The funds notable streak continued last Monday (October 21), with $294.3 million poured in. However, it was broken on Tuesday, with $79.1 million in net inflows, which became the first negative day since October 10.
Flows got back on track on Wednesday, Thursday, and Friday, with net inflows of $192.4 million, $188 million, and a whopping $402 million, respectively. Thus, the overall numbers for the week shot up to $997.6 million.
BlackRocks IBIT was at the forefront, by attracting $329 million on Monday, $43 million on Tuesday, $317.5 million on Wednesday, $165.5 million on Thursday, and $292 million on Friday. The largest spot Bitcoin ETF saw overall net inflows worth $1,147 billion. This means in reality that the rest of the funds ended the week in the red.
However, BTCs price actions were quite underwhelming during the week, with the asset peaking on Monday at $$69,500 but later dumped to as low as $65,000 on Wednesday. Nevertheless, it trades at $67,000 now, down 1.7% weekly.
ETH ETFs See Little Interest
While the spot BTC ETFs continue to gain investors attention, the Ethereum funds are yet to be considered a proper investment destination. The past trading week went quite similar to most of the previous ones, with net outflows of $20.8 million on Monday and $19.2 million on Friday.
The minor net inflows of $11.9 million on Tuesday, $1.2 million on Wednesday, and $2.3 million on Thursday failed to offset the losses at the start and end of the business week. As such, the spot Ethereum ETFs finished the week in the red, with $24.6 million in net outflows.
ETHs price has tumbled within the past seven days. Its down by over 6% within this timeframe, and now struggles below $2,500.
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Text source: CryptoPotato
