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Weekly Bitcoin, Ethereum ETF Insights: The Highs, Lows, and Key Takeaways
The last week has been a rollercoaster ride for both Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs). Following the Federal Open Market Committee (FOMC) meeting, which led to a significant outflow of funds from BTC ETFs, the market saw a notable reversal. Here are the key takeaways and insights from this week.
A Change in Tides: Bitcoin ETF Inflows
After the FOMC meeting, Bitcoin ETFs were deep in the red, experiencing some of their worst days in terms of net outflows. However, the trend took an unexpected turn on Friday as investors began to pour funds back into these products. This resulted in a total of $908.1 million in net inflows. Notable performers included Fidelity’s FBTC with $357 million, BlackRock’s IBIT at $253.1 million, and Ark Invest’s ARKB with $222.6 million – the first time all funds recorded positive flows since before December 15.
The week’s rollercoaster ride took a turn for the better as Friday’s inflows managed to shift the weekly net outflows from -$415.9 million on Monday to +$256 million by the end of the week. This price action mirrored the asset’s value, which dropped to $91,300 on Monday but rebounded to almost $99,000 later in the week.
Ethereum ETFs: A Contrasting Story
In stark contrast, Ethereum ETFs failed to replicate their recent success this past week. The funds experienced significant net outflows of $36 million and $77.5 million on Monday and Thursday respectively. Although Tuesday and Friday saw more positive inflows of $36 million and $58.9 million, these were insufficient in offsetting the losses.
This resulted in a total weekly net outflow of -$36.1 million for Ethereum ETFs. The price action in this asset followed a similar pattern, plummeting on Monday before recovering to above $3,600 by the end of the week – a 6.5% increase.
Conclusion
In conclusion, it’s been an eventful week for both Bitcoin and Ethereum ETFs. While Bitcoin saw a dramatic change in investor sentiment, with Friday’s inflows completely flipping the weekly narrative, Ethereum struggled to maintain its previous momentum. As the cryptocurrency market continues to evolve, it will be essential for investors to closely monitor these trends and make informed decisions.
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Source: cryptopotato.com
