Another strong week for Bitcoin funds, Ethereum demand lacking

bitcoin spot ETFs enjoyed another week of substantial inflows, with nearly $1 billion flowing into funds in the last five trading days.

The same cannot be said for their ethereum counterparts, which actually ended the week with smaller losses.

$1 Billion Enters btc ETF Weekly

cryptopotato reported last weekend that all 11 bitcoin spot ETFs had posted their best weekly results since mid-March by attracting more than $2 billion in net inflows. This became the catalyst for an impressive btc rally that took the asset from $62,500 that Monday to $69,000 by the end of the trading week (Friday).

The funds' notable streak continued last Monday (October 21), with $294.3 million inflows. However, it broke on Tuesday, with $79.1 million in net inflows, making it the first negative day since October 10.

The flows gotbitcoin-etf-flow-all-data/” data-wpel-link=”external” target=”_blank”> back on the road on Wednesday, Thursday and Friday, with net receipts of $192.4 million, $188 million and a whopping $402 million, respectively. Thus, the global figures for the week skyrocketed to 997.6 million dollars.

BlackRock's IBIT led the way, 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 recorded total net inflows worth $1.147 billion. In reality, this means that the rest of the funds ended the week in the red.

However, btc price actions were quite disappointing during the week, with the asset reaching a Monday high of $69,500 but then falling to as low as $65,000 on Wednesday. However, it is now trading at $67,000, down 1.7% weekly.

eth ETFs See Little Interest

While btc spot ETFs continue to attract investor attention, ethereum funds are still not considered a suitable investment destination. The last week of trading was quite similar to most of the previous ones, with net outflows of $20.8 million on Monday and $19.2 million on Friday.

Minor net inflows of $11.9 million on Tuesday, $1.2 million on Wednesday and $2.3 million on Thursday failed to offset losses at the beginning and end of the trading week. As such, ethereum spot ETFs ended the week in the red, with $24.6 million in net outflows.

The price of eth has fallen in the last seven days. It is down more than 6% in this period and is now struggling below $2,500.

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