The two leading cryptocurrencies in the crypto market, Bitcoin and Ethereum, have not had many notable fluctuations in the past week, partly due to the decline in buying power from ETFs.
According to data from Farside Investors and SpotOnChain, Bitcoin ETFs ended the trading session on August 16 (US time) with inflows reaching $35.9 million.
More specifically, Fidelity's FBTC fund and BlackRock's IBIT contributed the most with buying power of $61.3 million and $20.4 million, respectively, overwhelming the outflow of $72.9 million from Grayscale's GBTC fund.
Thus, 11 US Bitcoin ETFs closed the second trading week of August 2024 with net inflows of $32.4 million.
This figure is significantly lower than the outflow of $255.2 million last week, when the crypto market crashed with the terrifying flash crash of BTC and ETH. However, it can be seen that with the cash flow in/out significantly reduced last week, it seems that investors are still cautious about the upcoming fluctuations of Bitcoin.
Bitcoin price in the past 7 days has not recorded any significant breakthroughs, instead continuing to hover around the price range from $56,000 to $61,000.
Meanwhile, Ethereum ETFs had a trading session on August 16 with negative cash flow reaching $15 million, when buying power from other products could not overwhelm the outflow from Grayscale's ETHE.
Looking more broadly, the 9 ETH ETFs had a weekly outflow of $14.1 million, returning to the familiar orbit despite the first inflow recorded last week.
ETH price, similar to BTC, is also sideways in the range of $2,550 to $2,780.
