In the last full trading week ahead of the highly-anticipated US presidential elections, the 11 locally-based spot Bitcoin ETFs registered their best week in terms of net weekly flows since March.
At the same time, the asset’s price skyrocketed to almost a new all-time high, but lost a lot of momentum in the following days.
BTC ETFs on a Roll
It’s safe to say that October has been a particularly positive month for the spot Bitcoin ETFs. Their streak began on October 11, and they have seen only two days of net outflows out of a total of 16 since then. As reported last Sunday, the funds attracted slightly over $2 billion during that trading week, and the numbers only rose during this one.
Monday saw $479.4 million being poured in, followed by $870.1 million on Tuesday, and $893.3 million on Wednesday. After these two consecutive notable days, investors cooled off on Thursday ($32.3 million) and withdrew $54.9 million on Friday.
Overall, the total number for the trading week stands at $2,220.2 billion, according to Farside. This makes it the best week since March 11-15.
More good news came for BlackRock’s IBIT, which broke its record for best inflow day on Wednesday, with $872 million. It now has more than $26 billion in AUM after attracting another $315.2 million on Monday, $642.9 million on Tuesday, and $318.8 million on Thursday.
BTC’s price actions were impacted at the start of the week by the inflows, as the asset skyrocketed to $73,600 on Tuesday. However, it has lost over five grand in the following days, perhaps due to the sudden change of odds for the self-proclaimed pro-crypto US presidential candidate – Donald Trump.
And How Are ETH ETFs Doing?
After being live for trading since late July, it’s pretty obvious that the spot Ethereum ETFs cannot even come close to their Bitcoin counterparts for interest, demand, and, most importantly, inflows. The past five trading days served as another confirmation of this.
The ETH ETFs registered minor inflows of $7.6 million on Tuesday, $4.4 million on Wednesday, and $13 million on Thursday. Net outflows were seen on Monday ($1.1 million) and $10.9 million on Friday. Overall, they were in the green, but in a modest fashion of $13 million.
ETH’s price is down by 1.8% on a weekly scale and struggles to remain above $2,450.
