Spot bitcoin exchange-traded funds (ETFs) maintained gains for the third consecutive week, but momentum weakened towards the weekend.
At the same time, funds tracking Ethereum continue to outperform Bitcoin, attracting more than US$100 million in inflows as the underlying assets challenged the US$1,950 level.
Although Bitcoin ETFs are still rising,...
Funds that track market leaders have been struggling for several weeks-eight weeks to be exact. This decline, which began in mid-May, seemed to last forever, during which time investors withdrew more than US$8 billion, and total net inflows fell from US$59.34 billion to US$51.08 billion on July 2.
However, investors finally changed their attitude at this time, breaking this negative trend in the first week of July, injecting nearly $200 million. Another $75.67 million flowed in the following week, and the week that just ended was also strong at first. In fact, for seven consecutive trading days from July 14 to 22, the actual net inflow reached approximately US$1 billion.
This trend coincided with (or pushed it up) Bitcoin's price rebound, sending the asset briefly above $67,000 on Wednesday, setting a month-high. But the asset was blocked here, falling back to $64,000 on Friday, while the outflow of ETF funds reappeared. Investors withdrew $225.18 million and $240 million respectively on Thursday and Friday.
Therefore, although the overall rally this week closed slightly, the final net inflow was only US$33.79 million, which was relatively moderate.
Ethereum ETF still performs better
An interesting trend that started two weeks ago is repeating itself again. The spot Ethereum ETF is more attractive to investors, with a net inflow of nearly $104 million. There was only one day of outflow, when investors withdrew $70.62 million on Friday. Prior to this, inflows of $38.09 million on Monday,$37.47 million on Tuesday,$72.64 million on Wednesday, and $26.32 million on Thursday.
Perhaps driven by these sizable numbers, the underlying asset exceeded $1,900 in the middle of the week and briefly touched above $1,950. But it failed to maintain its gains, falling about $100 on Friday and Saturday.
Total net inflows to the Ethereum ETF have rebounded by more than US$200 million in the past three weeks, but are still well below the US$12.09 billion in May.

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