Only Bitcoin inflows, but Ethereum products record the longest streak of outflows

bitcoin ETFs have been on an impressive run lately, with over $500 million allocated to the largest US-based products in the last week of trading.

However, ethereum ETFs are on the opposite side, with lower trading volumes and withdrawals.

bitcoin ETFs on a roll

bitcoin spot ETFs had a rough start to the month, losing over $550 million in just three days on August 2, 5, and 6. This coincided with btc’s significant drop, as the asset fell from over $65,000 to under $50,000 in just a few days.

However, both inflows and the price of the cryptocurrency began to recover in the following weeks. In fact, there were only two days since then when investors withdrew funds from US-based spot ETFs: August 9 and 14.

Last week was quite impressive for financial vehicles, as they attracted a total of $62.1 million on Monday, $88 million on Tuesday, $39.5 million on Wednesday, $64.8 million on Thursday, and a whopping $252 million on Friday. In total, $506.4 million entered ETFs in the span of five trading days.

As usual, BlackRock’s IBIT led the way on most days, with a gain of $92.7 million on Monday and $86.8 million on Friday. In contrast, Grayscale’s GBTC continued its streak of outflows, with $12.8 million leaving on Tuesday, $9.8 million on Wednesday, $28.4 million on Thursday and $35.6 million on Friday.

bitcoin-etf-flow-all-data/” data-wpel-link=”external” target=”_blank”>According According to FarSide, BlackRock’s bitcoin ETF now holds over $20.7 billion, while Grayscale’s ETF lags behind by nearly $1 billion.

ethereum ETFs in the red

It’s been three weeks since ethereum ETFs launched in the US, but the experience has been completely different compared to their bitcoin counterparts. In fact, eth-based products have been on a seven-day withdrawal streak despite the numbers being quite low. However, that only goes to show that the demand and interest in those products is insufficient.

Grayscale's ETHE has eth/” data-wpel-link=”external” target=”_blank”>seen Withdrawals have occurred on 13 of the 14 days the ETFs have been active for trading. Overall, all ethereum ETFs have been in the red on 10 of the 14 trading days.

Last week, $13.5 million was withdrawn on Monday, $6.5 million on Tuesday, $18 million on Wednesday, $0.8 million on Thursday, and $5.7 million on Friday. BlackRock’s ETHA, the first newly launched fund to cross the $1 billion mark, saw inflows on Monday alone ($26.8 million), while Fidelity’s FETH had a strong Thursday, with $14.3 million in net flows.

The above data only confirms an earlier claim that ethereum spot ETFs are not like bitcoin ETFs, at least for now.

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