Bitcoin ETFs Continue Extended Downturn, Showing Signs of Improvement
For the fifth consecutive week, spot exchange-traded funds tracking the world’s largest cryptocurrency have closed in negative territory, with outflows consistently exceeding inflows.
While the trend remains downward, the figures are considerably less severe than in the preceding week, and Friday saw a positive shift with net inflows.
CryptoPotato has previously reported on the lackluster performance of spot Bitcoin ETFs, particularly during the first week of June. That period saw investors withdraw over $1.7 billion, marking the second-worst week in the ETFs’ history.
Last week, four out of the five trading days registered net outflows. These withdrawals amounted to $91.37 million on Monday, $77.44 million on Tuesday, $213.85 million on Wednesday, and $19.03 million on Thursday. A glimmer of optimism emerged on Friday, however, as net inflows reached $85.85 million, according to data from SoSoValue.
Despite Friday’s positive turn, the week concluded with total net outflows of nearly $316 million. The more encouraging aspect, if it can be termed as such, is that these net withdrawals were a fraction of the billions recorded in the previous four weeks. Nevertheless, the negative streak persists, with the ETFs having seen over $5.7 billion in outflows since the week ending May 15.
Cumulative net inflows have also seen a decline, falling from $59.34 billion on May 8 to $53.62 billion as of June 12.
Ethereum ETFs Mirror Bitcoin’s Trend
The landscape for spot Ethereum ETFs presents a similarly challenging, albeit less dramatic, picture. SoSoValue data indicates that these funds have also experienced five consecutive weeks of net outflows. However, the most recent week was not as impactful as many of its predecessors.
Monday proved to be a strong day for Ethereum ETFs, with investors injecting $82.37 million into the funds. This positive momentum, however, did not carry through the week. Subsequent days saw net outflows of $40.85 million on Tuesday, $35.59 million on Wednesday, $15.89 million on Thursday, and $4.95 million on Friday.
Consequently, the week ended with net outflows just shy of $15 million, a significant reduction compared to the $173 million withdrawn the previous week.
Cumulative total net inflows for Ethereum ETFs decreased to under $11.20 billion on Friday, down from a peak of $12.09 billion on May 8.
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