BTC’s price is down by nearly 10% on a weekly scale and this is perhaps no surprise given the substantial outflows seen from the spot Bitcoin ETFs in the States.
ETH is in an even worse state weekly, while the spot Ethereum ETFs continue to struggle to capture investors’ interest.
Bitcoin ETFs on a Negative Streak
CryptoPotato reported last week that the spot BTC ETFs enjoyed substantial demand since the early-August crisis. In fact, they saw inflows for 12 out of the 14 days leading to August 27. The impact of financial vehicles on bitcoin’s price was quite evident as the asset soared to over $65,000 on Monday.
However, the landscape around the ETFs changed for the worse on Tuesday. $127.1 million was withdrawn on that day, with Ark Invest’s ARKB leading the adverse trend (-$102 million).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 the ETFs. Grayscale’s GBTC was at the forefront with $70.2 million in outflows, followed by ARKB with $65 million.
As such, these withdrawals erased the $202.6 million in net flows registered on Monday, and the five-day week ended with $277.2 million in outflows. Within the same timeframe, BTC’s price tumbled from the aforementioned Monday peak to its current level of around $58,000.
No Demand for Ethereum
Although there was tons of hype for the launch of the ETFs tracking the performance of the second-largest cryptocurrency, the reality is that these products have failed to attract any substantial demand. Just the opposite, they have been in the red in 11 out of the 14 days they have been available for trading.
What’s perhaps even more worrying is the lack of actual volumes. The past week saw minimal trading activity as well. According to Farside, there was nothing to report on Friday, with zero actual flows.
Before that, there were minor outflows on Thursday ($1.7 million) and Tuesday ($3.4 million). Wednesday was the only day in the green since August 14 with $5.9 million in inflows, but $13.2 million was pulled out on Monday. Overall, the week ended with $12.4 million in net outflows.
ETH’s price has retraced hard in the past seven days, having lost over 10% of its value, and now sits below $2,500.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
