Bitcoin exchange-traded funds (ETFs) had a wild week. After a huge seven-day inflow of $4.7 billion, things took a downturn.
A Dip and a Comeback
Monday saw nearly $460 million pulled out of these funds. But the tide quickly turned!
Back in the Black: A $318 Million Surge
By Friday, the situation had completely reversed. US-based Bitcoin ETFs saw a massive $318 million influx of cash – marking four consecutive days of positive inflows. This is a strong sign of renewed investor confidence in Bitcoin, especially given the current market uncertainty.
Top Performers
- BlackRock’s iShares Bitcoin Trust (IBIT): This was the star performer, attracting a whopping $363.83 million on Friday alone. After a slower period, it seems to be gaining momentum again.
- ARK 21Shares Bitcoin ETF (ARKB): This ETF also did well, adding $35.5 million on Friday.
- VanEck’s Bitcoin ETF (HODL): This ETF saw a smaller but still positive inflow of $5.76 million.
Not So Lucky
Not all ETFs fared so well.
- Bitwise Bitcoin ETF (BITB): This one saw a net outflow of $56.03 million on Friday, struggling to maintain positive performance.
- Grayscale’s GBTC: This also experienced outflows, losing $30.59 million.
Despite these losses, the overall positive inflow for the week for Bitcoin ETFs reached $556 million.
Ethereum ETFs Also Rebound
The story was similar for Ethereum ETFs. After a rough patch, they ended the week with a net inflow of $27.78 million. BlackRock’s ETHE ETF led the way with a $57.27 million inflow on Friday, while VanEck’s ETHV added another $2.43 million. However, the overall weekly performance for Ethereum ETFs still showed a net outflow of $45.5 million.