Ether ETFs Buck Trend with $15M Inflow as Bitcoin ETFs Face Withdrawals
1min read Ether ETFs snapped an eight-day outflow trend with a $15 million inflow, while Bitcoin ETFs continued to face withdrawals, according to the latest crypto news. This shift in investor sentiment comes amidst a broader market recovery, with Bitcoin and Ethereum prices surging following a strategic crypto reserve announcement by the U.S.
After a 19-week run of inflows totaling $29 billion, worldwide crypto ETPs experienced outflows for the third consecutive week, wiping off $3.8 billion. US spot Bitcoin ETFs saw a weekly net outflow of $2.6 billion, while US spot Ethereum ETFs had a weekly net outflow of $336 million. However, this trend may be reversing, as Ether ETFs have seen inflows for the past three trading days, contrasting with Bitcoin's outflows.
Ethereum ETFs have been gaining traction, with inflows totaling $15 million, breaking an eight-day negative streak that saw $3.2 billion in outflows. This could be attributed to the growing interest in Ethereum's potential as a smart contract platform and its upcoming upgrade, EIP-1559. Meanwhile, Bitcoin ETFs have faced outflows, but BlackRock's IBIT ETF has seen gains.
Bitcoin and Ethereum prices have surged in recent days, with Bitcoin rising 10% to $92,905 and Ethereum increasing by 10.18% to $2,447.34. This price action comes after the U.S. announced a strategic crypto reserve including Bitcoin, Ether, XRP, Solana, and Cardano. Additionally, CME Bitcoin futures set a record high gap of over $10,000, indicating increased institutional interest in the cryptocurrency.
Despite the recent price surge, Bitcoin's 30-day price volatility dropped to its lowest level since June last month. This decrease in volatility may be a sign of growing acceptance and stability in the cryptocurrency market. As investors continue to monitor the market, the performance of Ether ETFs and Bitcoin ETFs will be an important indicator of sentiment and potential future trends.
