Ethereum

Wednesday

The spot Bitcoin and Ethereum ETFs broke the negative streak registered last week and ended the current trading one with net inflows.
However, the situation around the ETH ETFs is quite underwhelming, to say the least, once again.
<h2 id="bitcoin-etfs-demand-is-back">Bitcoin ETFs’ Demand Is Back</h2>
CryptoPotato <a href="https://cryptopotato.com/substantial-net-outflows-for-bitcoin-ethereum-funds-as-prices-tumble-weekly-etf-recap/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> last weekend the dire landscape regarding the net flows toward the <a href="https://cryptopotato.com/best-bitcoin-etf/" data-wpel-link="internal" rel="noopener noreferrer nofollow">11 US-based spot Bitcoin ETFs</a>. After eight consecutive days of net inflows, the tables had turned and more than $274 million left the products during the entire week.
However, Monday started on a highly positive note, with $235.2 million entering the funds in net inflows. Fidelity’s FBTC and BlackRock’s IBIT led the pack, with $103.7 million and $97.9 million, respectively.
Investors changed their behavior in the next three days, with $18.6 million in net outflows on Tuesday, $40.6 million on Wednesday, and $81.1 million on Thursday. Nevertheless, the trading week ended on Friday at the right foot, with another $253.6 million in net inflows. FBTC <a href="https://farside.co.uk/bitcoin-etf-flow-all-data/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">was at the forefront</a> once again, with $117.1 million, while Ark Invest’s ARKB followed suit with $97.6 million.
Consequently, the overall numbers for the week stood at $348.5 million in net inflows. The developments on Friday coincided with or perhaps drove a substantial rally for BTC, which surged from the <a href="https://cryptopotato.com/bitcoin-price-plummets-toward-59k-250m-liquidated-in-a-day/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Thursday low</a> of $58,800 to a weekly peak of $63,400 before retracing slightly to its current level of $62,500.
<h2 id="the-eth-catch">The ETH Catch</h2>
The <a href="https://cryptopotato.com/best-ethereum-etfs/" data-wpel-link="internal" rel="noopener noreferrer nofollow">spot Ethereum ETFs</a> also ended the week slightly in the green. Despite the $8.1 million withdrawn on Tuesday and $0.1 million on Friday, Thursday’s net inflows of $10.1 million managed to <a href="https://farside.co.uk/eth/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">offset</a> the losses.
However, looking closer at the total numbers actually confirms a previous narrative that the demand for the ETH ETFs is simply lacking. Monday and Wednesday saw no reportable flows. This, combined with a previous <a href="https://cryptopotato.com/79-days-after-launching-heres-the-massive-difference-between-bitcoin-etfs-and-ethereum-etfs/" data-wpel-link="internal" rel="noopener noreferrer nofollow">article</a> from this week that compares the first 79 trading days for the Ethereum ETFs with the initial months of the BTC ETFs, solidifies the notion that investors show little to no interest in the second-largest cryptocurrency.
Still, ETH’s price also recovered from the Thursday crash and is 2% up on the week. Currently, the asset trades close to $2,450, which is about $100 higher than the weekly low.
The post <a href="https://cryptopotato.com/etf-weekly-recap-bitcoin-ethereum-funds-turn-the-corner-but-theres-a-catch/" rel="noopener noreferrer nofollow">ETF Weekly Recap: Bitcoin, Ethereum Funds Turn the Corner But There’s a Catch</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

ETF Weekly Recap: Bitcoin, Ethereum Funds Turn the Corner But There’s a Catch

Table of Contents

CryptoPotato_News

Other articles published on Oct 12, 2024

Solana Memecoin Silver Pepe (PEPESILV) to Surge 16,000% Ahead of First Exchange Listings, As DOGE...

Scroll lists on Binance, sparking debate over centralization concerns

The Reason Bitcoin’s Price Increased to $63,000 Today

Why the SEC Keeps Postponing Ether ETF Options ?

Scroll’s Partnership With Binance is Beyond Just Listing – Co-Founder

Binance Coin Fails To Reach $600 Level: What’s Next For BNB?

Join our free newsletter for daily crypto updates!