The spot Bitcoin exchange-traded funds ended their third consecutive week in the green, but momentum faded at the end of it.
In the meantime, the funds tracking Ethereum continue to outperform, gaining over $100 million as the underlying asset challenged the $1,950 level.
The funds tracking the market leader were in a tough spot for weeks. Eight, to be precise. In this streak that began in mid-May and felt it went on for eternity, they saw over $8 billion withdrawn from investors, with the total net inflows going down from over $59.34 billion to $51.08 billion on July 2.
However, investors finally changed their tune at this point and broke this negative trend during the first full week of July, inserting nearly $200 million. Another $75.67 million followed during the subsequent week, and the one that just ended began on a high note. In fact, the actual net inflows stood at approximately $1 billion during the seven consecutive green days – from July 14 until July 22.
This coincided (or propelled) with bitcoin’s price rally that drove the asset to $67,000 on Wednesday for the first time in over a month. However, the asset was rejected there, driven south to $64,000 on Friday, while the ETF outflows returned. On Thursday and Friday, investors pulled out $225.18 million and $240 million, respectively.
As such, even though the week ended slightly in the green, it was a relatively modest $33.79 million.
A rather interesting trend that began two weeks ago was replicated once again. The spot Ethereum ETFs turned out to be more attractive to investors, with almost $104 million in net inflows. Only one day was in the red, with investors pulling out $70.62 million on Friday. Before that, they had poured in $38.09 million on Monday, $37.47 million on Tuesday, $72.64 million on Wednesday, and $26.32 million on Thursday.
Perhaps due to these rather impressive numbers, the underlying asset surged past $1,900 mid-week and peaked at just over $1,950. However, it couldn’t keep the momentum going and slipped by about $100 on Friday and Saturday.
The total net inflows of the ETH ETFs have recovered over $200 million in the past three weeks, but are still well below the $12.09 billion seen in May.
The post Crypto ETF Recap: Ethereum Still Outpaces Bitcoin, but Cracks Are Emerging appeared first on CryptoPotato.
Solana (SOL) is slipping into a short-term consolidation around the mid-$70s even as its payments and tokenized-asset rails show signs of accelerating adoption—highlighting a widening
Traders scanning the order books got a surprise when DIA surged 10.12% in just one hour, reaching a current price of $0.1197. This sharp increase
Robert Kiyosaki warns that a global crash and what he calls a “bankrupt” U.S. economy could wipe out many investors, while rising debt, weakening bonds,
Casemiro joins Inter Miami to debut against CF Montral. The club’s crypto sponsorship history makes this MLS signing relevant for digital asset The post Inter
Blockchain Bodega is here and you know the vibes. We’re at the intersection of hip-hop culture and web3, exploring this new digital frontier. Who better to guide you through these uncharted lanes than Ock Chain – The Bitcoin Boss and the Consensus Corner Boys?
Ock Chain doesn’t just cook up random details about cryptocurrency; he lives it. Ock’s been deep in the game since Bitcoin was just a baby.
And let’s not forget about the Consensus Corner Boys. They’re our skilled crew of blockchain enthusiasts. They’re here to educate, entertain, and enlighten.
Welcome to Blockchain Bodega!
Copyright © 2023 Blockchain Bodega. All rights reserved.
