Bitcoin ETFs Extend Major Red Streak, But There Is a Light at the End of the Tunnel

For the fifth consecutive week, the spot exchange-traded funds tracking the world’s largest cryptocurrency have ended in the red with more outflows than inflows.

However, the numbers are nowhere near as painful as they were during the previous week, and Friday was actually in the green.

5 in a Row

CryptoPotato has repeatedly reported in the past few weeks the poor performance of the spot Bitcoin ETFs, especially during the previous business week (the first for June). At the time, investors pulled out over $1.7 billion from the funds, making it the second-worst in the ETFs’ history.

Four out of the five business days last week were also in the red. The net withdrawals were $91.37 million on Monday, $77.44 million on Tuesday, $213.85 million on Wednesday, and $19.03 million on Thursday. The first silver lining is that net inflows finally dominated on Friday, with $85.85 million, according to data from SoSoValue.

Nevertheless, the week still ended in the red, with total net outflows of almost $316 million. The second silver lining, if it could be described as such, was the fact that the net withdrawals were nowhere near the billions recorded during the previous four weeks. However, the negative streak continues, as the ETFs have bled out over $5.7 billion since the week that ended on May 15.

The cumulative net inflows have declined even further, going from $59.34 billion on May 8 to $53.62 billion on June 12.

ETH ETFs in Red, Too

The landscape with the spot Ethereum ETFs is quite similar and painful. SoSoValue shows that the funds have been in the red for five consecutive weeks as well, but the last one was not as crushing as many of the previous.

In fact, Monday was a highly positive day, with investors inserting $82.37 million into the funds. However, the trend changed in the following days, with $40.85 million in net outflows on Tuesday, $35.59 million on Wednesday, $15.89 million on Thursday, and $4.95 million on Friday.

Consequently, the week ended with just under $15 million in net outflows, which is significantly lower than the $173 million withdrawn during the previous week.

The cumulative total net inflows dropped to under $11.20 billion on Friday after peaking at $12.09 billion on May 8.

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