Spot Bitcoin and Ethereum ETFs have experienced net outflows for five consecutive weeks, according to data analysis. While the most recent weekly withdrawals for Bitcoin were significantly lower than the previous week’s $1.7 billion, the cumulative trend remains negative. The situation for spot Ethereum ETFs is described as quite similar, also recording a fifth week of outflows.
Spot Bitcoin exchange-traded funds (ETFs) have recorded net outflows for a fifth consecutive business week. The total net withdrawals for the week amounted to almost $316 million, which was far less than the over $1.7 billion pulled out during the prior week.
Data from SoSoValue shows four of the five days last week were in the red before net inflows of $85.85 million arrived on Friday. Since the week ending May 15, these funds have seen total net outflows exceeding $5.7 billion. The cumulative net inflows have consequently declined from $59.34 billion to $53.62 billion.
The landscape for the newly launched spot Ethereum ETFs is described as “quite similar.” These funds have also been in the red for five consecutive weeks, according to the same data source. Their most recent week ended with just under $15 million in net outflows, a marked improvement from the $173 million withdrawn the week before.
Monday saw a strong net inflow of $82.37 million into the Ethereum ETFs, but the trend reversed for the remainder of the week. The cumulative total net inflows for these products dropped to under $11.20 billion after peaking at $12.09 billion in early May.
