Bitcoin sees massive outflows, minimal demand for Ethereum

The price of btc is down nearly 10% on a weekly scale and this is perhaps not a surprise given the substantial outflows seen in US spot bitcoin ETFs.

eth is in even worse shape on a weekly basis, while ethereum spot ETFs continue to struggle to capture investor interest.

bitcoin ETFs on a losing streak

Cryptopotato Last week, it was reported that btc spot ETFs were enjoying substantial demand since the crash in early August. In fact, they saw inflows for 12 of the 14 days leading up to August 27. The impact of financial vehicles on the bitcoin price was quite evident, as the asset soared to over $65,000 on Monday.

However, the picture around ETFs changed for the worse on Tuesday. $127.1 million was withdrawn that day, with Ark Invest's ARKB leading the negative trend (-$102 million). Another $105.3 million left the products on Wednesday and $71.8 million on Thursday.

Friday was the worst day in terms of daily flows since August 2, as investors pulled $175.6 million out of ETFs. Grayscale’s GBTC led the way with $70.2 million in outflows, followed by ARKB with $65 million.

These withdrawals thus erased the $202.6 million in net inflows recorded on Monday, and the five-day week ended with $277.2 million in outflows. In the same time frame, the price of btc fell from Monday's aforementioned peak to its current level of around $58,000.

There is no demand for ethereum

Although there was much anticipation surrounding the launch of ETFs that track the performance of the second-largest cryptocurrency, the reality is that these products have failed to attract substantial demand. On the contrary, they have been in the red for 11 of the 14 days they have been available for trading.

What is perhaps even more worrying is the lack of real volumes. Last week also saw minimal trading activity. According to Farside, there was nothing to report on Friday as there were no real flows.

Prior to that, there were smaller outflows on Thursday ($1.7 million) and Tuesday ($3.4 million). Wednesday was the only profitable day since August 14, with inflows of $5.9 million, but on Monday, $13.2 million was withdrawn. In total, the week ended with net outflows of $12.4 million.

The price of eth has retreated considerably over the past seven days, having lost more than 10% of its value, and is now trading below $2,500.

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