In what was expected to be arguably the most important macro week of the entire year for the crypto markets, investors gaining exposure to the two largest digital assets by market cap through ETFs displayed rather controversial behavior.
Nevertheless, the spot Bitcoin ETFs managed to turn the tables on Friday, but the same cannot be said about their Ethereum counterparts, which snapped an impressive green streak.
BTC ETFs With Late Turnaround
The business week actually began on the right foot for the spot BTC ETFs as they gained slightly over $160 million on Monday. However, Tuesday was the first major test, with the CLARITY Act scheduled to be voted on in the US Senate. As the vote didn’t go in the cryptocurrency industry’s favor, investors pulled $450.33 million out of the funds, the highest daily net withdrawal since late June.
All eyes turned to the Fed on Wednesday as the US central bank hiked rates for the first time in over three years. Investors made another sizeable withdrawal, taking $296 million from the ETFs. The landscape improved slightly on Thursday. SoSoData shows that the net inflows were just under $160 million.
Friday is what turned the tables. The actual net inflows for the day reached a two-week peak, with $433.03 million entering the funds. The impact was twofold: on the one hand, the ETF week turned slightly in the green ($6.21 million). On the other hand, BTC’s price soared by several grand, going from $76,000 early that day to over $80,000 by the end of it.
ETH ETFs Break the Streak
The spot Ethereum ETFs enjoyed the past couple of months, as their cumulative total net inflows rocketed from under $10.9 billion to almost $13.4 billion. Within that timeframe, only one out of 10 business weeks was in the red, and it was quite modest – just $2.26 million left the funds during the second full week of August.
However, the ETFs‘ impressive streak came to an end during the past week, with $140 million leaving the funds. Although Monday ($121.02 million) and Friday ($143.80 million) were well in the green, they couldn’t offset the losses registered during the other three days, which were as follows: $141.47 million on Tuesday, $224.11 million on Wednesday, and $39.24 million on Thursday.
Nevertheless, ETH’s price managed to rocket past $2,600 on Friday and Saturday before it was stopped and now sits inches below the latter after the latest developments in the Middle East.
The post What Happened to Bitcoin and Ethereum ETFs During the Crucial Macro Week? appeared first on CryptoPotato.
