After being on a highly impressive streak of net inflows, the landscape around the 11 US spot Bitcoin ETFs changed in the past week, perhaps due to the geopolitical tension in the Middle East.<\/p>\n
The Ethereum-based funds are also in the red on a weekly scale, while the two underlying assets\u2019 prices crashed to local lows.<\/p>\n
CryptoPotato<\/em> reported<\/a> last weekend the positive streak the BTC ETFs<\/a> had experienced, attracting over $1.1 billion in net inflows within the span of just five trading days. Moreover, that Friday (September 27) was the best day in terms of allocated funds since early June.<\/p>\n Consequently, BTC\u2019s price soared from $62,000 to over $66,500 within the same week. However, the situation changed for the worse in the past five trading days as investors pivoted from their strategy.<\/p>\n Perhaps due to the escalating conflicts<\/a> in the Middle East, market participants broke the eight-day positive streak on Tuesday, with total net outflows worth $242.6 million. Wednesday and Thursday were also painful for the ETFs, with $64.4 million and $54.2 million leaving<\/a> them, respectively.<\/p>\n Although Monday and Friday registered net outflows worth $61.3 million and $25.6 million, the entire week ended in the red. Overall, $274.3 million was withdrawn from the US-based ETFs.<\/p>\n This harmed BTC\u2019s price movements, as the asset tumbled from $66,000 (last Sunday) to $60,000 on Wednesday and Thursday. Despite recovering slightly to $62,000 as of now, the cryptocurrency is still more than 5% down weekly.<\/p>\n The spot Ethereum ETFs<\/a> had a slightly different week but with the same outcome. Monday started with minor outflows of $0.8 million, while Thursday saw $48.6 million taken out. Another $3.2 million was pulled out on Thursday, while investors allocated $19.8 million in net inflows on Wednesday and $7.4 million on Friday.<\/p>\n This places<\/a> the total weekly number at -$25.4 million for the ETH ETFs. Although the net outflows for Ethereum were a lot less than those for the Bitcoin ETFs, ETH\u2019s price has actually declined more.<\/p>\n The second-largest digital asset stood close to $2,700 last Sunday, but it dumped by almost $400 mid-week to bottom out at around $2,300 on Thursday. It has recovered to $2,420 now, but it is still more than 8% down weekly.<\/p>\n The post Substantial Net Outflows for Bitcoin, Ethereum Funds as Prices Tumble: Weekly ETF Recap<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" After being on a highly impressive streak of net inflows, the landscape around the 11 US spot Bitcoin ETFs changed in the past week, perhaps due to the geopolitical tension in the Middle East. The Ethereum-based funds are also in the red on a weekly scale, while the two underlying assets\u2019 prices crashed to local […]<\/p>\n","protected":false},"author":0,"featured_media":11855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11854"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11854"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11855"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ethereum ETFs in the Red, too<\/h2>\n