The negative streak in terms of flows for spot bitcoin ETFs continued over the past week and has now become the longest since those products were given the green light in mid-January.
At the same time, ethereum counterparties are still seeing little activity, and investor demand and interest are obviously lacking.
bitcoin ETFs' negative streak
Cryptopotato Last weekend, the Fed reported a massive $277.2 million in capital outflows over the previous five trading days. The picture only worsened last week, despite September 2 being a national holiday in the United States.
In the four-day trading week, investors withdrew $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 downtrend on three of the four days.
In total, $706.1 million left US spot bitcoin ETFs in this period. This also extended the negative streak to eight consecutive days in the red, which has now become the longest.
Apart from last Monday (August 26), when investors poured $202.6 million into ETFs, every trading day since has been in the red. This means that total outflows over the past two weeks have been close to $900 million.
As a result, the total assets under management have fallen below $50 billion for the first time since May 1. It is therefore safe to assume that ETF outflows are among the most likely reasons behind btc’s 7% price drop over the past week.
<blockquote class="twitter-tweet”>
US-BASED SPOT twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#bitcoin ETF AT LOWEST LEVEL SINCE MAY 1.
After a bearish week for many crypto token prices (only three of the top 50 tokens by market cap gained on the week), the value of US-based bitcoin and ethereum spot exchange-traded funds hit new highs. photo.twitter.com/0in9Ogy1XJ
— Karan Singh Arora (@thisisksa) twitter.com/thisisksa/status/1832678303011864701?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 8, 2024
eth ETFs lack demand
While bitcoin spot ETF flows are quite volatile, the same cannot be said for their ethereum counterparts. The second-largest cryptocurrency is yet to capture investor interest and demand.
Tuesday was the worst day in terms of outflows, with $47.4 million leaving eth funds. Wednesday saw $37.5 million withdrawn, while Thursday and Friday saw minimal activity, with $0.2 and $6 million in outflows.
Let us remember that last Friday there was no reported activity, while the departures have eth/” data-wpel-link=”external” target=”_blank”>dominated in 11 of the last 13 business days.
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