Last week was the fifth consecutive week that the Spot Bitcoin [BTC] ETF saw outflows.
In the previous week, which ran from the 8th of June to the 12th of June, the BTC ETF saw inflows of $85.9 million and outflows of $405.2 million.
Surprisingly, outflows dominated the entire week, with outflows only switching to inflows on the final trading day.
Bitcoin ETF continues to see outflows
BlackRock experienced $443 million in outflows from its IBIT. However, IBIT was able to record inflows of $88 million on the final two days of the week.
With few inflows or zero flows and a large number of outflows, the entire week was dim for Bitcoin ETFs.
The price of Bitcoin, however, unexpectedly increased from $61000 to $65000 between the 8th of June and the time of writing. Hence, it was the price of Bitcoin that had the ability to change ETFs from outflows to inflows.
In the midst of all of this, Bitcoin DATs had increased 1.7% over the previous month to 1,897,004 BTC, or $124.52 billion. Therefore, it is also possible that the rising demand from corporations is supporting the price of Bitcoin by counteracting ETF outflows.
Did the Ethereum ETFs exhibit similar patterns?
Additionally, the Spot Ethereum [ETH] ETF showed nearly identical trends. There were $405.2 million withdrawals from the ETH ETF between the 8th of June and the 12th of June. However, inflows totaled $82.4 million during the week beginning 8th of June.
Contrary to Bitcoin, while Ethereum’s price surged from $1600 to $1700, ETFs experienced a shift from inflows to outflows, which eventually decreased by the end of the week.
In addition, ETH DATs saw a 4.9% increase over the previous month, bringing their total holdings to $7.99 billion, or 7,555,329 ETH.
Even though Ethereum ETFs caused money to leave the market, ETH itself kept rising, and corporate treasury holdings grew quickly. This suggests that institutional interest in Ethereum is still high, but it is increasingly happening through direct accumulation as opposed to ETF products.
What about other altcoin ETFs?
Moreover, in the past week, the Solana [SOL] ETF, which typically experiences a streak of inflows, also experienced weak momentum. According to Farside Investors data, the SOL ETF saw $4.4 million in outflows and only $0.8 million in inflows during the remainder of the week.
In contrast, $10.68 million in inflows were made into the XRP ETF, and $5.87 million into the HYPE ETF. Lastly, there was no surge or plunge in Solana DTAs, XRP DATs, or HYPE DATs over the previous month.
Final Summary
- Bitcoin ETFs recorded the fifth week in outflows with just one day of inflows.
- Ethereum ETF exhibited a similar pattern, along with other altcoin ETFs, also seeing minimal inflows in the past week.