Substantial net outflows for Bitcoin, Ethereum funds as prices fall: ETF weekly roundup

After being on a very impressive net inflow streak, the landscape around the 11 local US Bitcoin ETFs changed last week, perhaps due to geopolitical tension in the Middle East.

Ethereum-based funds are also in the red on a weekly basis, while the prices of the two underlying assets fell to local lows.

Bitcoin ETFs break streak

CryptoPotato reported last weekend on the positive streak experienced by BTC ETFs, attracting over $1.1 billion in net inflows in just five trading days. In addition, that Friday (September 27) was the best day in terms of allocated funds since the beginning of June.

Consequently, the price of BTC increased from $62,000 to over $66,500 during the same week. However, the situation worsened in the last five trading days as investors changed their strategy.

Perhaps due to escalating conflicts in the Middle East, market participants snapped an eight-day positive streak on Tuesday, with total net outflows of $242.6 million. Wednesday and Thursday were also painful for ETFs, with $64.4 million and $54.2 million, respectively.

While Monday and Friday saw net outflows worth $61.3 million and $25.6 million, the entire week ended in the red. In total, $274.3 million was withdrawn from U.S.-based ETFs.

This hurt BTC price movements as the asset dropped from $66,000 (last Sunday) to $60,000 on Wednesday and Thursday. Despite recovering slightly to $62,000 as of now, the cryptocurrency is still down more than 5% weekly.

Also Ethereum ETFs in the red

Ethereum ETFs had a slightly different week, but with the same result. Monday began with outflows of less than $0.8 million, while Thursday saw $48.6 million withdrawn. Another $3.2 million was withdrawn on Thursday, while investors poured in $19.8 million in net inflows on Wednesday and $7.4 million on Friday.

This puts the total weekly number at -$25.4 million for ETH ETFs. Although the net outflows of Ethereum were much lower than those of Bitcoin ETFs, the price of ETH has declined more.

The second-largest digital asset hovered near $2,700 last Sunday, but fell nearly $400 midweek to bottom around $2,300 on Thursday. It has now recovered to $2,420, but is still down more than 8% weekly.

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