BTC ETFs Still in the Green but… 🖤
The spot Bitcoin exchange-traded funds wrapped their third straight week positive yet the pace slowed sharply toward the close. In the meantime the vehicles tracking Ethereum kept surging with over $100 million flowing in as the underlying asset pushed toward the $1,950 mark.
Investors finally flipped their script after eight brutal weeks that drained more than $8 billion from the Bitcoin products and dropped total net inflows from over $59.34 billion down to $51.08 billion by July 2. Nearly $200 million poured back in during the first full week of July followed by another $75.67 million the next and then a powerful $1 billion across seven green sessions from July 14 to July 22. Bitcoin rode that wave straight to $67,000 on Wednesday before rejection sent it sliding to $64,000 by Friday with $225.18 million and $240 million yanked out on Thursday and Friday respectively leaving the week with a modest $33.79 million net.
Ethereum products kept stealing the spotlight with almost $104 million in net inflows across the same stretch and just one red day on Friday when $70.62 million left. Earlier the week saw $38.09 million on Monday $37.47 million on Tuesday $72.64 million on Wednesday and $26.32 million on Thursday. That momentum helped push Ether past $1,900 mid-week to a peak above $1,950 before it slipped about $100 by the weekend. Total net inflows for the Ethereum ETFs have clawed back over $200 million in the past three weeks yet they remain far below the $12.09 billion mark from May.
Ethereum Still Outpaces Bitcoin but Cracks Are Emerging 🕸️
Just another echo from the void by iconofsin.eth 💖
