- US spot Ethereum ETFs recorded their worst week ever with five consecutive days of net outflows totalling US$795.8 million, including a single-day loss of US$251.2 million on Thursday.
- Bitcoin ETFs also experienced significant losses with net outflows on four of five trading days, resulting in a combined weekly outflow of US$897.6 million despite one positive day of US$241 million inflows.
- The outflows coincided with sharp cryptocurrency price declines last week, though both Bitcoin and Ethereum have since recovered somewhat, gaining 2.2% and 2.6% respectively over the past 24 hours.
- Bitcoin advocate Michael Saylor remains optimistic, predicting price increases before year-end as corporate buyers and ETFs absorb more supply than miners produce, calling Bitcoin the “ideal digital capital” for future markets.
US spot Ethereum exchange-traded funds (ETFs) have hit some unwanted records over the past few days. The ETFs have seen five days – a whole trading week – of net outflows. At the same time, they’ve also seen some of the largest single-day outflows since trading began in 2024, as data shows.
Bitcoin ETFs Also See Sharp Decline
A whopping US$795.8m (AU$1.2b) exited US funds last week, with Thursday marking one of the biggest single-day losses at US$251.2m (AU$382.25m). US Bitcoin ETFs also saw four out of five days with net outflows.
Wednesday was the only day with net inflows for the BTC funds, totalling US$241m (AU$366m), most of which went into BlackRock’s IBIT. On the other four trading days, a combined US$1.1b left the funds, marking a total weekly net outflow of US$897.6m (AU$1.3b).
Related: BlackRock Files for Bitcoin Premium Income ETF, Expanding Crypto Offerings
Although that’s larger than the Ether ETF outflows, Bitcoin ETFs have far more assets under management, meaning Ether ETFs lost more in percentage terms.
Crypto Prices Drop, Recover Somewhat
The dramatic selling came as crypto prices also saw a drastic decline last week. While Bitcoin and Ethereum dropped several percent, they have since recovered somewhat. Over the past 24 hours, BTC gained 2.2%, climbing to US$111,745 (AU$170,052), while ETH gained 2.6% over the same period, currently trading at US$4,113 (AU$6,258).
Meanwhile, Bitcoin bull Michael Saylor expects prices to climb before year-end, noting that corporate buyers and ETFs are absorbing more supply than miners produce. He has called Bitcoin the “ideal digital capital” for future credit markets and predicts prices will rise once recent sell-offs are absorbed.
Related: “Crypto Mom” Hester Peirce Says U.S. Entering a More Constructive Era for Digital Assets
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