Substantial net outflows to Bitcoin and Ethereum funds as prices fall: ETF weekly roundup

After a very impressive streak of net inflows, the outlook around the 11 US spot bitcoin ETFs changed last week, perhaps due to geopolitical tension in the Middle East.

ethereum-based funds are also in the red on a weekly scale, while the prices of the two underlying assets fell to local lows.

bitcoin ETFs break good streak

cryptopotato reported last weekend the positive run that btc ETFs had experienced, attracting over $1.1 billion in net inflows in the span of just five trading days. Additionally, that Friday (September 27) was the best day in terms of allocated funds since the beginning of June.

Consequently, the price of btc skyrocketed from $62,000 to over $66,500 in the same week. However, the situation worsened in the last five trading days as investors abandoned their strategy.

Perhaps due to the conflict escalation In the Middle East, market participants broke the eight-day positive streak on Tuesday, with total net outflows worth $242.6 million. Wednesday and Thursday were also painful for ETFs, at $64.4 million and $54.2 million. bitcoin-etf-flow-all-data/” data-wpel-link=”external” target=”_blank”>departure them, respectively.

Although net outflows of $61.3 million and $25.6 million were recorded on Monday and Friday, the entire week ended in the red. In total, $274.3 million was withdrawn from US-based ETFs.

This hurt btc's price movements, as the asset fell from $66,000 (last Sunday) to $60,000 on Wednesday and Thursday. Despite recovering slightly to $62,000 as of now, the cryptocurrency is still down over 5% weekly.

ethereum ETFs are also in the red

ethereum spot ETFs had a slightly different week but with the same result. Monday began with smaller outflows of $0.8 million, while $48.6 million was withdrawn on Thursday. Another $3.2 million was withdrawn on Thursday, while investors allocated $19.8 million in net inflows on Wednesday and $7.4 million on Friday.

This ethereum-etf-flow-all-data/” data-wpel-link=”external” target=”_blank”>places the total weekly number is -$25.4 million for eth ETFs. Although ethereum's net outflows were much lower than those of bitcoin ETFs, the price of eth has actually declined more.

The second-largest digital asset stood near $2,700 last Sunday, but fell nearly $400 mid-week to bottom around $2,300 on Thursday. It has recovered to $2,420 now, but is still down more than 8% on a weekly basis.

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