Spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs) have recorded net inflows in the past week, signaling a potential shift after an eight-week period of consistent net outflows. This development, reported by CryptoPotato, coincides with recent price rebounds for both cryptocurrencies.
In the week ending around July 2, 2024, spot Bitcoin ETFs saw nearly $200 million in net inflows, marking the first positive flow week in two months. Spot Ethereum ETFs also reported net inflows totaling $84.42 million during the same period. This contrasts sharply with the preceding weeks, during which investors withdrew substantial amounts from these crypto-backed investment vehicles.
Previous Outflow Trend
Before this recent positive turn, both Bitcoin and Ethereum ETFs experienced eight consecutive weeks of net outflows. According to CryptoPotato, the outflow streak for Bitcoin ETFs began around the week ending May 15. Over this eight-week span, total withdrawals exceeded $8 billion. The last full week of June saw particularly significant outflows, with Bitcoin ETFs losing $1.79 billion, followed by an additional $526 million in the week ending July 2.
The Ethereum ETF market followed a similar pattern, with cumulative net flows decreasing from $12.09 billion to $10.89 billion during its eight-week streak of net withdrawals. The $84.42 million in net inflows for Ethereum ETFs in the past week represents their highest weekly inflow since the week ending April 24.
Daily Flows and Price Movements
While the past week concluded with net inflows, the daily performance for Bitcoin ETFs showed some variability. Net outflows were recorded on Wednesday ($84.86 million) and Thursday ($95.30 million) of that week. However, these were offset by inflows on other days, including $265.69 million on Monday and $90.44 million on Friday, contributing to the overall weekly net inflow.
Ethereum ETFs also experienced daily fluctuations. On July 9, these ETFs saw net outflows of $52.08 million. Nevertheless, other days registered positive flows, such as $20.66 million on Monday, $27 million on Tuesday, $70.48 million on Wednesday, and $18.43 million on Friday.
In parallel with these ETF flow changes, the prices of Bitcoin and Ethereum have shown upward movement. Bitcoin is currently trading above $64,000, reflecting a weekly increase of approximately 3%. Ethereum is challenging the $1,800 mark, with a weekly gain of about 2.7%.
Uncertainties and Outlook
It is important to note that while the past week’s data indicates a break in the outflow streak, the long-term trend remains subject to market dynamics. Points of uncertainty include the exact end date of the “past week” for reporting and the precise duration of the “eight weeks” of outflows. Additionally, a mention of “February 2025” in relation to past outflows appears to be a typographical error, and specific date ranges for Ethereum ETFs’ “past few months” and “eight consecutive weeks” of performance are not detailed. These inflows may suggest renewed investor interest, but whether this marks a sustained reversal of the previous outflow trend requires further observation. The data is reported as of CryptoPotato’s analysis.
Why This Matters
The materials describe a narrow update: Spot Bitcoin ETFs recorded nearly $200 million in net inflows in the past week, breaking an eight-week streak of net outflows. The exact end date of the “past week” for reporting inflows/outflows.
Broader Context
Source materials place the factual news in this context: The article is from CryptoPotato.
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