Spot exchange-traded funds tracking bitcoin saw their worst week in terms of capital outflows since late June, which became one of the reasons for the major correction in the underlying asset.
Although net outflows from spot Ethereum ETFs were slightly lower, the overall picture for ETH is worse given the lack of green days.
BTC ETFs are bleeding profusely
The business week started off on the wrong foot for ETFs, with nearly $90 million in net outflows. Coincidentally, the BTC price was rejected at $87,000 and fell by over a few thousand dollars on the same day. It regained some ground on Tuesday when ETF flows turned positive and investors put in $118.86 million.
However, the trend deteriorated on Wednesday and Thursday, with net outflows reaching $487.07 million and $244.13 million, respectively. As expected, BTC fell sharply over these two days, with the highest point occurring on Thursday, dropping to a 2-week low of $80,400.
Cash inflows returned Friday, but they were quite modest, with only $21.13 million coming into the funds. This was not enough to offset the significant losses suffered over the previous two trading days. So the week ended with $681.10 million in net outflows – the largest since the last full week of June, when investors withdrew $1.79 billion. Cumulative total net inflows increased from $57.79 billion to $57.11 billion.
ETH ETFs are even worse
Ethereum ETFs started the week with $50.76 million in net outflows. The pace of withdrawals accelerated on Tuesday, with $201.89 million flowing out of the funds and $160.77 million on Wednesday. The red streak continued through the end of the week, with another $72.54 million on Thursday and $56.10 million on Friday.
Worse still, these five consecutive red days only build on the previous four. Overall, funds have not been in the green since September 28. During this period, cumulative net totals increased from $13.95 billion to $13.26 billion.
The underlying asset stopped at $2,800 a few weeks ago, but it managed to stay above $2,700 until the mid-week crash, which sent it down to $2,400. It has since recovered some ground and is now trading above $2,500.
Weekly Bitcoin ETF Outflows Hit 3-Month High, Ethereum Funds Extend Losing Streak appeared first on CryptoPotato.
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