Bitcoin sees massive outflows, minimal demand for Ethereum

The price of BTC is down almost 10% on a weekly basis and this is perhaps not a surprise considering the substantial outflows seen since the time of Bitcoin ETFs in the United States.

ETH is in an even worse state weekly, while local Ethereum ETFs continue to struggle to capture investor interest.

Bitcoin ETF on a losing streak

CryptoPotato reported last week that local BTC ETFs have enjoyed substantial demand since the crisis in early August. In fact, they saw tickets for 12 of the 14 days leading up to August 27th. The impact of financial vehicles on the price of bitcoin was quite evident as the asset soared to over $65,000 on Monday.

However, the picture around ETFs worsened on Tuesday. $127.1 million was withdrawn on the day, with Ark Invest’s ARKB leading the downside ($-102 million). Another $105.3 million left the goods on Wednesday and $71.8 million on Thursday.

Friday was the worst day in terms of daily flows since Aug. 2, as investors pulled $175.6 million from ETFs. Grayscale’s GBTC was in the lead with $70.2 million in outflows, followed by ARKB with $65 million.

As such, those withdrawals erased the $202.6 million in net inflows recorded on Monday, ending the five-day week with $277.2 million in outflows. In the same time frame, the price of BTC fell from the aforementioned Monday peak to its current level of around $58,000.

No demand for Ethereum

While there was a lot of hype for the launch of ETFs tracking the performance of the second largest cryptocurrency, the reality is that these products have failed to attract any substantial demand. On the contrary, they have been in the red on 11 of the 14 days they have been available for trading.

What is perhaps even more concerning is the lack of actual volumes. Last week also saw minimal trading activity. According to Farside, there was nothing to report on Friday, with zero actual flows.

Before that, there were smaller outings on Thursday ($1.7 million) and Tuesday ($3.4 million). Wednesday was the only day in the green since Aug. 14 with $5.9 million in tickets, but $13.2 million was withdrawn on Monday. In total, the week ended with $12.4 million in net outflows.

The price of ETH has rallied strongly in the past seven days, after losing more than 10% of its value, and now sits below $2,500.

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