Bitcoin ETFs on a Roll, Ethereum Products in the Red

Bitcoin ETFs have been on an impressive streak lately, and the last trading week saw more than $500 million allocated to the largest US-based products.

Bitcoin ETFs had a great week with over half a billion in inflows, while Ethereum ETFs saw minor trading volumes and more than $500 million in inflows into major U.S. products last week did.

On the other hand, Ethereum ETFs, in contrast, have low trading volumes and withdrawals of funds.

Bitcoin ETF doing well

Spot-traded Bitcoin ETFs had a tough August, losing more than $550 million in funds in just three days, August 2nd, 5th, and 6th. This coincided with a significant drop in BTC, with the asset dropping from $65,000 to below $50,000 in a matter of days.

However, in the weeks that followed, both inflows and crypto prices began to rise. In fact, since then, investors have only withdrawn money from U.S. physical ETFs on two days, August 9th and 14th.

The past week has been strong for financial products, with inflows of $62.1 million on Monday, $88 million on Tuesday, $39.5 million on Wednesday, $64.8 million on Thursday, and $252 million on Friday. Overall, $564 million flowed into the ETF in five business days.

As usual, BlackRock's IBIT was at the forefront most days, taking in $92.7 million on Monday and $86.8 million on Friday. In contrast, Grayscale's GBTC continues to see outflows, with $12.8 million on Tuesday, $9.8 million on Wednesday, $28.4 million on Thursday, and $35.6 million on Friday.

BlackRock's Bitcoin ETF currently holds more than $20.7 billion, while Grayscale's ETF lags around $1 billion, according to FarSide.

Ethereum ETF in the red

It's been three weeks since the spot-traded Ethereum ETF launched in the US, but the experience has been quite different from its Bitcoin counterpart. In fact, funds have been withdrawn for 7 consecutive business days for ETH-based products, but the number is quite low. But that only shows a lack of demand and interest for those products.

Grayscale's ETHE has had funds withdrawn on 13 out of the 14 days the ETF has been open for trading. Overall, all Ethereum ETFs were in the red on 10 out of 14 trading days.

Last week, $13.5 million was leaked on Monday, $6.5 million on Tuesday, $18 million on Wednesday, $800,000 on Thursday, and $5.7 million on Friday. BlackRock's ETHA, the first new fund to surpass $1 billion, saw inflows only on Monday ($26.8 million), while Fidelity's FETH had a strong showing on Thursday with $14.3 million in funds.

The above data only confirms our previous statement that Ethereum spot ETFs are different from Bitcoin ETFs, at least for now.

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