Last week was the fifth week in a row that the Spot Bitcoin takes place [BTC] ETF experienced an outflow.
In the previous week, which ran from June 8 to June 12, the BTC ETF saw inflows of $85.9 million and outflows of $405.2 million.
Surprisingly, outflows dominated the entire week, with outflows only turning into inflows on the last trading day.
Bitcoin ETF Continues to See Outflows
BlackRock experienced an outflow of $443 million from its IBIT. However, IBIT was able to register an inflow of $88 million on the last two days of the week.
With little to no inflows and a large number of outflows, the entire week was bleak for Bitcoin ETFs.
However, Bitcoin’s price unexpectedly rose from $61,000 to $65,000 between June 8 and the time of writing. So it was the price of Bitcoin that had the ability to change ETFs from outflows to inflows.
Amid all this, Bitcoin DATs were up 1.7% over the past month to 1,897,004 BTC, or $124.52 billion. Therefore, it is also possible that rising corporate demand will support Bitcoin’s price by countering ETF outflows.
Did the Ethereum ETFs show similar patterns?
In addition, the Spot Ethereum [ETH] ETF showed almost identical trends. There were $405.2 million withdrawals from the ETH ETF between June 8 and June 12. However, inflows totaled $82.4 million in the week beginning June 8.
Unlike Bitcoin, as the price of Ethereum rose from $1600 to $1700, ETFs experienced a shift from inflows to outflows, which eventually declined towards the end of the week.
Additionally, ETH DATs saw a 4.9% increase from the previous month, bringing their total holdings to $7.99 billion, or 7,555,329 ETH.
Although Ethereum ETFs caused money to leave the market, ETH itself continued to rise and corporate government bond holdings grew rapidly. This suggests that institutional interest in Ethereum is still strong, but increasingly through direct accumulation, as opposed to ETF products.
What about other altcoin ETFs?
Moreover, the Solana came out last week [SOL] ETFs, which typically see a series of inflows, also saw weak momentum. According to data from Farside Investors, the SOL ETF saw $4.4 million in outflows and only $0.8 million in inflows over the remainder of the week.
In contrast, $10.68 million of inflows occurred in the XRP ETF, and $5.87 million in the HYPE ETF. Finally, there was no increase or decrease in Solana DTAs, XRP DATs, or HYPE DATs over the past month.
Final summary
- Bitcoin ETFs recorded fifth week in outflows with only one day of inflows.
- Ethereum ETF showed a similar pattern, along with other altcoin ETFs, and also saw minimal inflows over the past week.