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BTC 
ETH Spot ETFs tracking Bitcoin suffered the largest outflow of funds since June, which became one of the important reasons for the sharp correction of underlying asset.
Although the net outflow of spot ETFs tracking Ethereum (ETH) is slightly smaller than Bitcoin, the overall situation is even more severe due to the lack of capital inflows for many consecutive days.
Bitcoin ETF funds have significantly outflowed
At the beginning of the week, the ETF market performed poorly, with net redemptions approaching US$90 million. Coincidentally, the BTC price fell more than $2,000 that day after encountering resistance at the $87,000 mark. BTC prices rebounded on Tuesday as ETF funds turned positive and investors poured into $118.86 million.
However, the trend turned sharply on Wednesday and Thursday, with net redemptions soaring to $487.07 million and $244.13 million respectively. As expected, BTC fell sharply in the two days and hit a two-week low of $80,400 on Thursday.
Funds returned on Friday, but on a moderate scale, with only US$21.13 million entering. This amount is far from enough to make up for the main losses in the previous two trading days. As a result, the week ended with net redemptions of $681.1 million, the highest level since the last week of late June, when investors withdrew $1.79 billion.
Total cumulative net inflows fell to US$57.11 billion from US$57.79 billion.
Ethereum ETF performs worse
The Ethereum ETF recorded a net redemption of $50.76 million at the beginning of the week. Redemptions accelerated on Tuesday, with an outflow of $201.89 million; a further outflow of $160.77 million on Wednesday. The red trend continued into the weekend, with another $72.54 million withdrawn on Thursday and $56.1 million withdrawn on Friday.
To make matters worse, these five consecutive days of capital outflows were based on losses in the previous four days. Overall, these funds have not seen a net inflow of funds since September 28. During this period, the cumulative net amount decreased from US$13.95 billion to US$13.26 billion.
Underlying asset was blocked at $2,800 a few weeks ago, but stayed above $2,700 until it plunged to $2,400 in midweek. Prices have since recovered and are now trading back above $2,500.
