Data shows the Bitcoin spot exchange-traded funds (ETFs) are back to positive days, but Ethereum funds are still leading the market.
In the case of cryptocurrencies, the main appeal of the spot ETFs is that they provide a regulated off-chain route into them. This means that investors who aren’t familiar with digital asset wallets and exchanges can also conveniently invest into the space.
While demand for Bitcoin spot ETFs was strong earlier, it has been more mixed lately. Below is a chart shared by Glassnode that shows the trend in the weekly netflow for these investment vehicles over the last few months.
As displayed in the above graph, the US Bitcoin spot ETFs observed significant net inflows between April and July, but then a shift occurred as outflows started taking place instead.
Before this past week, BTC saw outflows in three out of the previous four weeks. While the netflow has switched back to positive in the last week, its value has only been a modest 3,018 BTC ($329 million at the current exchange rate).
From the chart, it’s apparent that the US Ethereum spot ETFs saw negative flows in the previous week, but just like with Bitcoin, the latest week brought back inflows.
Unlike BTC, however, the outflows were an exception to the trend for ETH; the cryptocurrency’s funds were on a 14-week net inflow streak before the the wave of negative flows.
Some of the spikes witnessed during the streak were also quite massive, indicating that institutional entities have been making notable bets on the asset. The latest positive netflow spike has also been significant, with 286,000 ETH (worth about $1.2 billion right now) pouring into the wallets attached to the spot ETFs.
Bitcoin has been facing bearish winds since setting its new all-time high earlier in the month that have taken its price to the $109,200 level.
