Strong week for Bitcoin funds
The exchange-traded Bitcoin spot funds were again able to enjoy high inflows this week. In the past five trading days, the funds received almost a billion US dollars. The same cannot be said of their Ethereum counterparts, which even ended the week with slight losses.
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$1 billion in weekly inflows into BTC ETFs
Last week reported We report that the 11 spot Bitcoin ETFs posted their best weekly performance since mid-March, with net inflows of over $2 billion. This was the catalyst for an impressive BTC rally that drove the asset from $62,500 on Monday to $69,000 at the end of the trading week (Friday).
This strong week for Bitcoin continued last Monday (October 21st). tributaries of $294.3 million. However, it was interrupted on Tuesday when net outflows of $79.1 million were recorded, marking the first negative day since October 10. Things picked up again on Wednesday, Thursday and Friday, with net inflows of $192.4 million, $188 million and $402 million, respectively. This brings the inflows this week to USD 997.6 million.
BlackRock IBIT led with $329 million on Monday, $43 million on Tuesday, $317.5 million on Wednesday, $165.5 million on Thursday and $292 million on Friday. The largest local Bitcoin ETF recorded a total of $1.147 billion in net inflows. This means the rest of the funds ended the week in the red. However, a strong week for Bitcoin funds was not reflected in the price.
However, the strong week for Bitcoin funds was not reflected in the price. The asset reached a high of $69,500 on Monday but then fell back to $65,000 on Wednesday. Nonetheless, it is currently trading at $67,000, down 1.7% for the week.
Little interest in ETH ETFs
While BTC spot ETFs continue to attract investor attention, Ethereum funds are not yet seen as a real investment destination. The last trading week was similar to most previous ones, with net outflows of $20.8 million on Monday and $19.2 million on Friday.
Small net inflows of $11.9 million on Tuesday, $1.2 million on Wednesday and $2.3 million on Thursday failed to offset losses at the beginning and end of the trading week. As a result, Ethereum ETFs ended the week in the red with net outflows of $24.6 million.
The price of ETH has fallen over the last seven days. It fell more than 6 percent in that period and is now struggling to trade below $2,500.