U.S.-listed spot Ethereum exchange-traded funds (ETFs) recorded $70.62 million in net outflows on Friday, ending a five-day inflow streak.
Ethereum funds saw net inflows of $211.25 million over the previous five sessions, from July 17 through Thursday, according to SoSoValue. data. They still recorded $103.9 million in net revenue for the week ended Friday.
Despite the outflows, Ethereum ETFs extended their weekly inflow streak to three in a row and attracted $337.74 million in net inflows so far in July.
Spot crypto ETF flows have become one of the most closely watched demand indicators for Bitcoin (BTC) and Ether (ETH) in the market through traditional investment products.
Although other jurisdictions, including Hong Kong, have launched similar funds, U.S.-listed ETFs account for the vast majority of assets and trading volumes.
Ethereum spot ETF daily net flows from July 17-24. Source: SoSoValue
Bitcoin ETFs also end the week with outflows
The reversal followed a similar trend in Bitcoin ETFs, which ended a seven-day inflow streak on Thursday and saw another $240.08 million in net outflows on Friday.
Bitcoin ETFs also extended their net flow of consecutive inflows to three straight weeks, adding $103.90 million in the week ended Friday and $233.96 million so far in July. They followed a record June, during which $4.5 billion was withdrawn from funds.
BTC was trading at just under $64,000 at the time of writing, down from the week’s high of $66,892 on Tuesday, according to CoinGecko. ETH is trading at $1,837, down from Wednesday’s weekly high of $1,954.
Related: Bitcoin Falls Below $64,000 as Rising US Bond Yields Increase Chances of Fed Rate Hike
Japan’s Crypto Reforms Fuel Predictions for $18.4 Billion Bitcoin ETF
Following Japan’s recent overhaul of its crypto regulations, which is widely seen as laying the groundwork for future spot Bitcoin ETFs, crypto management platform
In a analysis Posted on CryptoQuant, XWIN said the estimate assumes demand from existing crypto holders, new retail investors using brokerage accounts, and institutional allocators.
The report cites the US market as an example, noting that spot Bitcoin ETFs, excluding Grayscale’s GBTC, have accumulated approximately 1 million Bitcoin, demonstrating how regulated ETF products can connect traditional finance to digital assets.
“The key is access,” XWIN said, adding that a Japanese Bitcoin spot ETF would allow investors to gain exposure to Bitcoin through familiar brokerage and custody systems. He called the $18.4 billion figure “an achievable high-end market scenario.”
Magazine: A Quantum Roadmap Would Push Bitcoin Much Higher: Charles Edwards