The past week revealed another intriguing discrepancy between the funds tracking both assets. Despite Thursday recording the highest daily net outflow in four months, exceeding $600 million, the spot Bitcoin ETFs concluded the week with positive performance. The same cannot be said about their Ethereum counterparts, which have experienced declines for the fourth consecutive week. It was a notably contentious week regarding the BTC ETF developments. Following a consecutive two-week period of losses, the funds reversed this trend on Monday, experiencing a substantial net inflow of $526.60 million. On Tuesday, an additional $23.16 million flowed into the financial vehicles, coinciding with the initial price increase of the underlying asset.
The actual breakout attempt occurred a day later when BTC surged to $85,000 for the first time in a fortnight. Naturally, the net inflows were quite remarkable on that day, with 528.50 million entering the funds. However, the rejection later that day, and particularly on Thursday and Friday, was predominantly driven by net outflows. Data indicates that withdrawals on Thursday surged to their peak levels since late June, reaching $635.49 million. Farside indicates that the outflows on Friday reached $137.9 million. Nevertheless, the week still concluded positively with $304.77 million. Consequently, the cumulative total net inflows increased from just below $56.9 billion to nearly $57.2 billion.
The Ethereum ETFs have experienced a challenging period for approximately a month now. Their negative streak commenced at the conclusion of September, and they have recorded merely three positive days since that time. The past week has further prolonged this unfavourable trend, with an additional $220 million exiting the funds. On Monday, a substantial withdrawal wave of $103.28 million commenced. On Tuesday, an additional $26.13 million was recorded, while Wednesday saw a modest influx of nearly $15 million into the funds.
However, the tide turned once again on Thursday, with 110.50 million taken out. The second positive trading day of the week occurred on Friday, as Farside disclosed a modest inflow of $4.4 million. The ETH ETFs have experienced net outflows exceeding $1.2 billion since late September, a period during which total net inflows approached $14 billion. As of Friday’s close, the figure was recorded at less than $12.75 billion. Meanwhile, the underlying asset experienced a decline of more than 4% over the week and currently faces challenges at $2,350.
