Bitcoin ETFs Post Net Inflows Again, But Ethereum Still Dominates

Data shows the Bitcoin spot exchange-traded funds (ETFs) are back to positive days, but Ethereum funds are still leading the market.

Bitcoin Spot ETFs Saw 3,018 BTC In Net Inflows Last Week

In a new post on X, analytics firm Glassnode has talked about the latest trend in the weekly inflows related to the US BTC spot ETFs. The “spot ETFs” refer to investment vehicles trading on traditional platforms that allow investors to gain indirect exposure to an underlying asset like Bitcoin or Ethereum.

In the case of cryptocurrencies, the main appeal of the spot ETFs is that they provide a regulated off-chain route into them. This means that investors who aren’t familiar with digital asset wallets and exchanges can also conveniently invest into the space.

While demand for Bitcoin spot ETFs was strong earlier, it has been more mixed lately. Below is a chart shared by Glassnode that shows the trend in the weekly netflow for these investment vehicles over the last few months.

As displayed in the above graph, the US Bitcoin spot ETFs observed significant net inflows between April and July, but then a shift occurred as outflows started taking place instead.

Before this past week, BTC saw outflows in three out of the previous four weeks. While the netflow has switched back to positive in the last week, its value has only been a modest 3,018 BTC ($329 million at the current exchange rate).

That said, the return to green has come alongside a decline in the cryptocurrency’s price, so even the small inflows are a positive indication of institutional demand for BTC. The coin that has seen more notable interest, however, has been Ethereum, the digital asset ranked second by market cap.

From the chart, it’s apparent that the US Ethereum spot ETFs saw negative flows in the previous week, but just like with Bitcoin, the latest week brought back inflows.

Unlike BTC, however, the outflows were an exception to the trend for ETH; the cryptocurrency’s funds were on a 14-week net inflow streak before the the wave of negative flows.

Some of the spikes witnessed during the streak were also quite massive, indicating that institutional entities have been making notable bets on the asset. The latest positive netflow spike has also been significant, with 286,000 ETH (worth about $1.2 billion right now) pouring into the wallets attached to the spot ETFs.

BTC Price

Bitcoin has been facing bearish winds since setting its new all-time high earlier in the month that have taken its price to the $109,200 level.