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Friday was particularly positive day for the ETH ETFs, which coincided with the major surge to an eight-month high.
ByJordan Lyanchev
For the first time since the breakout week in mid-August, the spot Bitcoin ETFs turned red, with more than $460 million leaving the funds over the past four business days.
The same cannot be said about the Ethereum counterparts, as they continue to gain significant net inflows as the underlying asset tries to extend its rally.
BTC ETFs See Red
The exchange-traded funds tracking the performance of the largest cryptocurrency registered their best week in months between August 17 and 21, attracting over $1.9 billion as BTC’s price soared from under $65,000 to almost $80,000 within days. The following couple of weeks were also quite bullish, with $924 million and $986 million in net inflows.
However, the trend changed last week. Monday was a non-trading day (Labor Day), and the net outflows began on Tuesday, with $46.65 million in net withdrawals. $120.24 million followed on Wednesday, $282.56 million on Thursday, and $13.29 million on Friday – the day that the CPI numbers came out.
Consequently, the total net outflows for the week reached $462.73 million. The total net inflows declined from $55.62 billion at the end of the previous business week to $55.15 billion on September 11.
BTC’s price had a volatile end to the week as well, dropping from $77,000 to $76,000 before it surged to $79,800, then returned to its starting point. Next week is expected to be even more eventful, as the CLARITY Act will get its moment in the US Senate, and the Fed will announce its next rate move a day later.
ETH ETFs Keep Gaining
The spot Ethereum ETFs also began the business week with investors withdrawing $24.29 million. Wednesday was more positive, as investors poured in $34.75 million. However, sellers were back in control with another $29.76 million taken out on Thursday.
Source: cryptopotato.com