Another strong week for Bitcoin funds, Ethereum demand lacking

Local Bitcoin ETFs enjoyed another week of substantial inflows, with nearly $1 billion flowing into the funds over the past five trading days.

The same cannot be said for their Ethereum counterparts, which actually ended the week with smaller losses.

$1B goes into BTC ETFs weekly

CryptoPotato reported last weekend that all 11 Bitcoin ETFs on the site had posted their best weekly performance since mid-March by attracting more than $2 billion in net inflows. This became the catalyst for an impressive BTC rally that took the asset from $62,500 that Monday to $69,000 by the end of the trading week (Friday).

The funds’ remarkable streak continued last Monday (October 21), with $294.3 million pouring in. However, it broke through on Tuesday, with $79.1 million in net receipts, making it the first negative day since October 10.

Flows were back on track on Wednesday, Thursday and Friday, with net inflows of $192.4 million, $188 million and $402 million, respectively. Thus, the overall figures for the week rose to $997.6 million.

BlackRock’s IBIT led the way, attracting $329 million on Monday, $43 million on Tuesday, $317.5 million on Wednesday, $165.5 million on Thursday and $292 million on Friday. The Bitcoin ETF on the largest site recorded global net inflows worth $1.147 billion. This means, in reality, that the rest of the funds ended the week in the red.

However, BTC price action was quite underwhelming during the week, with the asset peaking at $69,500 on Monday, but later declining to $65,000 on Wednesday. However, it is now trading at $67,000, down 1.7% on the week.

ETH ETFs see little interest

While spot BTC ETFs continue to attract investors’ attention, Ethereum funds are still to be considered a suitable investment destination. Last trading week was quite similar to most previous ones, with net outflows of $20.8 million on Monday and $19.2 million on Friday.

Small net inflows of $11.9 million on Tuesday, $1.2 million on Wednesday and $2.3 million on Thursday failed to offset losses at the start and end of the business week. As such, Ethereum spot ETFs ended the week in the red, with $24.6 million in net outflows.

The price of ETH has fallen in the last seven days. It’s down more than 6% in that time frame and is now struggling below $2,500.

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