In the last full week of trading before the highly anticipated US presidential election, all 11 local Bitcoin ETFs posted their best week in terms of net weekly flows since March.
At the same time, the asset’s price soared to nearly a new all-time high, but lost much of its momentum in the following days.
Ongoing BTC ETFs
It’s safe to say that October has been a particularly positive month for spot Bitcoin ETFs. Their streak began on October 11 and they have seen just two days of clean sheets out of a total of 16 since then. As reported last Sunday, the funds attracted just over $2 billion during this trading week, and the numbers only increased during this one.
$479.4 million poured in on Monday, followed by $870.1 million on Tuesday and $893.3 million on Wednesday. After those two consecutive remarkable days, investors cooled off on Thursday ($32.3 million) and withdrew $54.9 million on Friday.
Overall, the total number for the trading week is $2.22 billion, according to Farside. This makes it the best week since March 11-15.
More good news came for BlackRock’s IBIT, which on Wednesday broke its record for the best day of entry, with $872 million. It now has more than $26 billion in AUM after attracting a further $315.2 million on Monday, $642.9 million on Tuesday and $318.8 million on Thursday.
BTC price action was hit early in the week by inflows, as the asset soared to $73,600 on Tuesday. However, it has lost more than five thousand euros in the following days, perhaps due to the sudden change in odds for the self-proclaimed pro-crypto US presidential candidate, Donald Trump.
And how are ETH ETFs doing?
After being up and running since late July, it’s pretty obvious that Ethereum ETFs can’t even come close to their Bitcoin counterparts for interest, demand, and most importantly, inflows. The last five days of trading served as further confirmation of this.
ETH ETFs saw inflows of less than $7.6 million on Tuesday, $4.4 million on Wednesday and $13 million on Thursday. Net outflows were seen on Monday ($1.1 million) and $10.9 million on Friday. Overall, they were in the green, but by a modest $13 million.
The price of ETH is down 1.8% on a weekly basis and is struggling to stay above $2,450.
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