The price of BTC is down nearly 10% on a weekly basis and this is perhaps not a surprise given the substantial outflows seen on spot Bitcoin ETFs in the United States.
ETH is getting worse every week as spot Ethereum ETFs continue to struggle to capture investor interest.
Bitcoin ETFs experience negative streak
CryptoPotato Last week, spot BTC ETFs saw significant demand since the early August crisis. In fact, they saw inflows for 12 of the 14 days leading up to August 27. The impact of financial vehicles on the price of bitcoin was quite evident, with the asset surging to over $65,000 on Monday.
However, the landscape around ETFs changed for the worse on Tuesday. $127.1 million was withdrawn that day, with Ark Invest’s ARKB leading the negative trend (-$102 million). Another $105.3 million left the products on Wednesday and $71.8 million on Thursday.
Friday was the worst day in terms of daily flows since August 2, with investors pulling $175.6 million out of ETFs. Grayscale’s GBTC led the way with $70.2 million in outflows, followed by ARKB with $65 million.
Thus, these withdrawals wiped out the $202.6 million in net flows recorded on Monday, and the five-day week ended with $277.2 million in outflows. In the same time frame, the price of BTC has plummeted from the aforementioned Monday peak to its current level of around $58,000.
No demand for Ethereum
Although the launch of ETFs tracking the performance of the second-largest cryptocurrency has generated huge hype, the reality is that these products have failed to attract substantial demand. On the contrary, they have been in the red for 11 of the 14 days they have been available for trading.
Perhaps even more worrying is the lack of actual volumes. Last week, trading activity was also minimal. According to Farside, there was nothing to report on Friday, with zero actual flows.
Before that, there were minor outflows on Thursday ($1.7 million) and Tuesday ($3.4 million). Wednesday was the only green day since August 14 with $5.9 million in inflows, but $13.2 million was withdrawn on Monday. Overall, the week ended with $12.4 million in net outflows.
The price of ETH has fallen sharply over the past seven days, losing more than 10% of its value and now sits below $2,500.
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