The spot exchange-traded funds tracking bitcoin experienced their worst week in terms of outflows since the end of June, which became one of the reasons behind the underlying asset’s major correction.
Although the net outflows from the spot Ethereum ETFs were slightly less, the overall ETH picture is worse given the lack of any green days.
BTC ETFs Bleed Heavily
The business week began on the wrong foot for the ETFs, with almost $90 million in net outflows. Coincidentally, BTC’s price was rejected at $87,000 and dropped by over a couple of grand on the same day. It recovered some ground on Tuesday when the ETF flows turned positive, and investors poured in $118.86 million.
However, the trend changed for the worse on Wednesday and Thursday, with the net outflows skyrocketing to $487.07 million and $244.13 million, respectively. As expected, BTC tumbled hard during those two days, with the culmination taking place on Thursday, with a nosedive to a 2-week low of $80,400.
The inflows returned on Friday, but they were quite modest, with just $21.13 million entering the funds. This wasn’t nearly enough to offset the major losses experienced during the previous two trading days. As such, the week ended with $681.10 million in net outflows – the most since the last full week of June, when investors pulled out $1.79 billion. The cumulative total net inflows dropped from $57.79 billion to $57.11 billion.
ETH ETFs Fare Even Worse
The Ethereum ETFs began the week with $50.76 million in net outflows. The pace of withdrawals accelerated on Tuesday, with $201.89 million leaving the funds, and $160.77 million on Wednesday. The red streak continued by the end of the week, with another $72.54 million taken out on Thursday and $56.10 million on Friday.
Worse still, these five consecutive red days only built on the previous four. Overall, the funds haven’t been in the green since September 28. Within this timeframe, the cumulative net totals dropped from $13.95 billion to $13.26 billion.
The underlying asset was halted at $2,800 a few weeks ago, but it managed to remain above $2,700 until the mid-week crash, which took it south to $2,400. It has recovered some ground since then and now trades above $2,500.
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