Bitcoin and Ethereum funds are turning the corner, but there is a problem

Bitcoin and Ethereum spot ETFs broke last week’s negative streak and ended the current session with net inflows.

However, the situation around ETH ETFs is quite underwhelming, to say the least, once again.

Demand for Bitcoin ETFs is back

CryptoPotato reported last weekend the dire picture regarding net flows into the 11 domestic Bitcoin ETFs in the United States. After eight straight days of net inflows, the tables had turned and more than $274 million left the goods for the entire week.

However, Monday started on a very positive note, with $235.2 million entering the funds in net inflows. Fidelity’s FBTC and BlackRock’s IBIT led the pack, with $103.7 million and $97.9 million, respectively.

Investors reversed their behavior in the following three days, with $18.6 million in net outflows on Tuesday, $40.6 million on Wednesday and $81.1 million on Thursday. However, the trading week ended on a high note on Friday, with another $253.6 million in net inflows. FBTC was back on top with $117.1 million, while Ark Invest’s ARKB followed suit with $97.6 million.

As a result, overall figures for the week stood at $348.5 million in net receipts. Friday’s developments coincided with or perhaps fueled a substantial rally in BTC, which rose from Thursday’s low of $58,800 to a weekly high of $63,400 before pulling back slightly to its current level of $62,500.

The ETH Catch

Spot Ethereum ETFs also ended the week slightly in the green. Despite $8.1 million withdrawn on Tuesday and $0.1 million on Friday, Thursday’s net inflows of $10.1 million managed to offset the losses.

However, a closer look at the total numbers actually confirms an earlier narrative that demand for ETH ETFs is simply lacking. No reportable flows were recorded on Monday and Wednesday. This, combined with an earlier article this week comparing the first 79 trading days of Ethereum ETFs to the initial months of BTC ETFs, reinforces the idea that investors are showing little to no interest in the second largest cryptocurrency .

Still, ETH price also recovered from Thursday’s drop and is up 2% on the week. The asset is currently trading near $2,450, which is about $100 higher than the weekly low.

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