Bitcoin sees longest negative streak, Ethereum lacks demand

The negative streak in terms of flows for spot Bitcoin ETFs continued last week and has now become the longest since these products were given the green light in mid-January.

At the same time, Ethereum’s counterparts are still seeing little activity, with investor demand and interest obviously missing.

Negative streak of Bitcoin ETFs

CryptoPotato reported last weekend the significant outflows of $277.2 million recorded in the previous five-day trading period. The picture only got worse last week, even though September 2 was a national holiday in the United States.

For the four-day trading week, investors pulled out $287.8 million on Tuesday, $37.2 million on Wednesday, $211.1 million on Thursday and $170 million on Friday. Fidelity’s FBTC was the biggest loser, leading the downside on three of the four days.

In total, $706.1 million left local US Bitcoin ETFs within this time frame. In addition, this extended the negative streak to eight consecutive days in the red, which has now become the longest.

Aside from the previous Monday (August 26), when investors poured $202.6 million into ETFs, every trading day since has been in the red. That means global outflows in the last two weeks alone have been close to $900 million.

As a result, total AUM has fallen below $50 billion for the first time since May 1. As such, it’s safe to assume that ETF exits are among the most likely reasons behind BTC’s 7% price drop last week.

SPOT US BASED #BITCOIN ETF AT LOWEST LEVEL SINCE MAY 1.

After a bearish week for the prices of many crypto tokens – only three of the top 50 tokens by market cap gained on the week, the value of US bitcoin cash and Ethereum cash exchange-traded funds have arrived at new… pic.twitter.com/0in9Ogy1XJ

— Karan Singh Arora (@thisisksa) September 8, 2024

ETH ETFs have no demand

While the spot flows of Bitcoin ETFs are quite volatile, the same cannot be said for their Ethereum counterparts. The second largest cryptocurrency has yet to capture the interest and demand of investors.

Tuesday was the worst day in terms of outflows, with $47.4 million leaving ETH funds. Wednesday saw $37.5 million withdrawn, while Thursday and Friday saw minimal activity, with $0.2 and $6 million in outflows.

Remember that no activity was recorded last Friday, while exits have dominated in 11 of the last 13 trading days.

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