Bitcoin ETFs in the Green Again, But Ethereum Still Bleeding Funds

The crypto market witnessed a trend reversal during the past week, especially within the United States spot scene. This reversal extended to spot Bitcoin exchange-traded funds (ETF); however, Ethereum products were unaffected.

According to data from CoinGlass, spot Bitcoin ETFs recorded inflows every trading day for the past week, while Ethereum ETFs continued seeing outflows. In contrast to Ethereum ETF outlaws, ether’s (ETH) value has risen by almost 10% in the last seven days, climbing above $2,000.

Bitcoin (BTC), on the other hand, is also up roughly 5%, trading around $87,330 at press time, per data from CoinMarketCap.

Bitcoin ETFs Record Green Days

From March 17 to 21, spot Bitcoin ETFs collectively saw almost $745 million in positive flows. Nearly all the products witnessed inflows on one day or another; however, BlackRock’s IBIT recorded the highest deposits throughout the week.

The inflows followed weeks and consecutive days of massive outflows. CryptoPotato reported that the products recorded their best day of net inflows since February 4 on Monday, with investors depositing more than $274 million in the funds.

On that day, both IBIT, Fidelity’s FBTC, Ark Invest/21Shares’ ARKB, and Bitwise’s BITB saw inflows of $42.3 million, $127.3 million, $88.5 million, and $2.3 million, respectively. The rest of the funds, including Grayscale’s GBTC, witnessed no outflows.

By the next day, only IBIT saw more than $218 million in positive flows, while investors withdrew about $9 million from only ARKB. This brought the funds’ collective inflows to $209 million. For the remaining trading days of the week, the funds recorded inflows totaling $11.8 million, $165.7 million, and $83.1 million, respectively.

Ethereum ETF Outflows Persist

Ethereum ETFs’ outflows persisted as the week progressed. Between Monday and Friday, investors withdrew a total of $102.9 million. No spot Ethereum ETF recorded positive flows except Grayscale’s ETHE and 21Shares’ CETH on Wednesday, March 19.

On a monthly basis, investors have withdrawn at least $760 million from U.S. spot Ethereum ETFs. Selling pressure from these outflows was exacerbated by declining whale activity, with the number of addresses holding more than 10,000 ETH falling sharply from 999 to 919.

Although selling activity tied to ETF outflows exerted significant negative pressure on ether’s price, the latest data evaluated by on-chain analyst Ali Martinez revealed ETH may be at a turning point. Whales bought 470,000 ETH last week, and around 1.2 million ETH has left crypto exchanges in the last 48 days, probably moving to cold storage.