Spot Ether ETFs hosted an outflow of $38.2 million last week, bringing an end to an unprecedented string of weekly inflows into the funds. Over the past five weeks, $2.57 billion has flowed into Ethereum ETFs.
Spot Ethereum exchange-traded funds (ETFs) hosted their first weekly influx in six weeks $38.2 million Exit the sector during the week ending January 3, according to SoSoValue.
The decline marks the second weekly influx of funds since October, as investors piled $3.18 billion into the sector over the previous nine weeks. The bullish momentum led to the market capitalization of Ethereum ETFs doubling from $6.82 billion on October 25 to $13 billion today, also resulting in a cumulative net inflow of $2.64 billion.
The outflow came despite the price of Ethereum rising 7% over the past seven days to last trade at $3,661, according to CoinGecko. However, Ethereum has trended sideways between $3,300 and $3,400 over most of last week, indicating consolidation after the mid-December flash crash from $4,000 to $3,100.
Bitcoin ETF flows fluctuate higher
By contrast, spot Bitcoin ETFs hosted a weekly inflow of $245 million during the week of January 3.
The bullish weekly performance was driven by January 3 hosting the fourth-strongest daily inflow on record, with $908 million flowing into funds in a single day.
The influx on January 3 coincided with Bitcoin’s price rising from an intraday low of $96,000 to a high of $98,547. However, Bitcoin has risen by 6.1% over the past seven days, making Bitcoin the second weakest of the ten unstable cryptocurrencies in terms of market cap.
More than $35.9 billion flowed into spot bitcoin ETFs after 12 months of operation, offsetting $21.5 billion in outflows from the Grayscale Bitcoin Trust (GBTC) ETF. The sector now boasts a combined market capitalization of $111.35 billion, representing 5.72% of Bitcoin’s total capitalization.
IBIT tops our 2024 ETF leaderboard
BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the largest bitcoin spot ETF with a market capitalization of $54.26 billion, followed by Fidelity’s FBTC and Grayscale’s GBTC at about $20.2 billion each.
IBIT is ranked as the third largest ETF across all sectors by 2024 by inflows, with 37 billion dollarstrailing the S&P 500 ETFs from Vanguard and BlackRock at $122 billion and $49 billion, according to Yahoo Finance.
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