In a week in which the underlying asset tumbled from over $84,000 to a monthly low of under $80,000, it’s almost expected that the exchange-traded funds tracking its performance were in the red. And they were.
The same can be said about the Ethereum ETFs, which, albeit finally saw a single green day, extended their negative streak.
Bitcoin ETFs Bleed Again
The spot Bitcoin ETFs have become synonymous with BTC’s price movements over the past several weeks. When net inflows dominate in an impressive manner, as they did at the end of September when investors poured in $2.4 billion into the funds in five trading days, the cryptocurrency’s price blossomed. Vice versa, BTC tumbled during the first and second full weeks of October.
As reported last weekend, the ETFs saw net outflows of over $680 million as the asset was rejected at $87,000 and slumped by several grand. It tried to recover in the following days and tapped $84,000 on a couple of occasions, only to be rejected again. This time, the bears took it a step further, pushing it to just under $80,000 for the first time in a month.
Needless to say, this transpired during a red week in terms of ETF flows. Overall, the funds bled $228.58 million, which wasn’t as bad as the previous week. It started with a $65.40 million loss on Monday, followed by a net inflow of $175.62 million on Tuesday, back to red with $261.46 million on Wednesday, a minor gain of $5.06 million on Thursday, and $82.39 million taken out on Friday to close the week.
Ultimately, the funds’ total net cumulative inflows have declined from almost $57.8 billion on October 2 to $56.88 billion on October 16.
ETH ETFs Still in Red
Although the BTC ETFs saw nearly $230 million in net outflows last week, the landscape around them is not as bad as that around their Ethereum counterparts. The funds tracking the leading altcoin have seen only a single day in the green since September 28. It came on October 13, when investors poured in $24.84 million.
In contrast, the rest of the week went in the opposite direction, with net outflows of $85.40 million on Monday, a whopping $129.51 million on Wednesday, another $60.22 million on Thursday, and $69.68 million on Friday. Consequently, the week ended with roughly $320 million in net outflows, beating the spot BTC ETFs in that adverse ranking.
This marks the third consecutive red week for the Ethereum ETFs, which lost $1 billion during the period. The underlying asset’s price also dipped hard last week, going toward $2,300 for the first time since the August breakout rally.
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