Bitcoin ETF Weekly Outflows Hit 3-Month High, Ethereum Funds Extend Losing Streak

The financial vehicles tracking the largest altcoin have not seen a green day since September 28.

The spot exchange-traded funds tracking bitcoin experienced their worst week in terms of outflows since the end of June, which became one of the reasons behind the underlying asset’s major correction.

Although the net outflows from the spot Ethereum ETFs were slightly less, the overall ETH picture is worse given the lack of any green days.

BTC ETFs Bleed Heavily

The business week began on the wrong foot for the ETFs, with almost $90 million in net outflows. Coincidentally, BTC’s price was rejected at $87,000 and dropped by over a couple of grand on the same day. It recovered some ground on Tuesday when the ETF flows turned positive, and investors poured in $118.86 million.

However, the trend changed for the worse on Wednesday and Thursday, with the net outflows skyrocketing to $487.07 million and $244.13 million, respectively. As expected, BTC tumbled hard during those two days, with the culmination taking place on Thursday, with a nosedive to a 2-week low of $80,400.

The inflows returned on Friday, but they were quite modest, with just $21.13 million entering the funds. This wasn’t nearly enough to offset the major losses experienced during the previous two trading days. As such, the week ended with $681.10 million in net outflows – the most since the last full week of June, when investors pulled out $1.79 billion. The cumulative total net inflows dropped from $57.79 billion to $57.11 billion.