Only Bitcoin inflows, but Ethereum products record the longest outflow streak

Bitcoin ETFs have been on an impressive run lately, with more than $500 million going into the largest US-based products in the last week of trading.

However, Ethereum ETFs are in the opposite corner, with lower trading volumes and withdrawals.

Bitcoin ETFs on the Move

Local Bitcoin ETFs had a rough start to the month, losing more than $550 million in just three days on August 2, 5, and 6. This coincided with the great BTC crash when the asset fell from over $65,000 to under $50,000 in just a few days.

However, both the tickets and the price of the cryptocurrency started to recover in the following weeks. In fact, there have only been two days since then when investors have pulled funds out of US cash ETFs, on August 9 and 14.

Last week was quite impressive for financial vehicles as they attracted a total of $62.1 million on Monday, $88 million on Tuesday, $39.5 million on Wednesday, $64.8 million on Thursday and $252 million on Friday. A total of $506.4 million went into ETFs in the five-day trading period.

As usual, BlackRock’s IBIT was on top most days, earning $92.7 million on Monday and $86.8 million on Friday. Instead, Grayscale’s GBTC continues its outflow streak with $12.8 million coming out on Tuesday, $9.8 million on Wednesday, $28.4 million on Thursday and $35.6 million on Friday.

According to FarSide, BlackRock’s Bitcoin ETF is now worth more than $20.7 billion, while Grayscale’s ETF is close to $1 billion.

Ethereum ETF in the red

It’s been three weeks since Ethereum ETFs launched in the US, but the experience has been completely different compared to their Bitcoin counterparts. In fact, ETH-based products have been on a seven-day pullback streak even though the numbers are quite low. However, this only shows that there is a lack of demand and interest in these products.

Grayscale’s ETHE has seen withdrawals on 13 of the 14 days the ETF has been active for trading. Overall, all Ethereum ETFs have been in the red on 10 of the 14 trading days.

Last week $13.5 million was withdrawn on Monday, $6.5 million on Tuesday, $18 million on Wednesday, $0.8 million on Thursday and $5.7 million on Friday. BlackRock’s ETHA, the first newly launched fund to break the $1 billion mark, only saw inflows on Monday ($26.8 million), while Fidelity’s FETH had a strong Thursday, with 14 .3 million dollars in net flows.

The data above only confirms an earlier statement that spot Ethereum ETFs are not like Bitcoin ETFs, at least for now.

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