Ethereum ETFs See First Weekly Inflow, Bitcoin ETFs Return to Outflow

The group of Bitcoin and Ethereum ETFs ended the week of the crypto market's sharp decline with mixed results.

According to data from Farside Investors and SpotOnChain, US Bitcoin spot ETFs ended the trading session on August 9, 2024 (US time) with outflows of $89.7 million, failing to continue the inflows of the previous two sessions.
The meager inflows of BlackRock's IBIT and Grayscale's BTC funds were not enough to counter the selling pressure from Fidelity's FBTC, Bitwise's BITB and Grayscale's GBTC. The remaining funds continued to record no significant activity.

Thus, the 11 US Bitcoin ETFs ended the first full trading week of August 2024 with net outflows of $255.2 million. It is easy to see that this is the result of Bitcoin's "flash crash" at the beginning of the week, causing the world's largest cryptocurrency to collapse from $60,000 to $49,000 in 12 hours.
However, the inflow level on August 7 and 8 helped BTC recover strongly to the $62,000 area, before being pushed back to $60,250 at the time of writing.
Similarly, 9 Ethereum spot ETFs also had a net outflow on August 9 with a value of $15.8 million. However, the total inflow and outflow of ETH ETFs this week reached a positive figure of $104.8 million thanks to strong buying pressure from organizations during the dump at the beginning of the week.

This is the first time Ethereum ETFs have seen weekly inflows since the product group began trading in mid-July. In the previous two weeks, Ethereum ETFs had total outflows of $341.8 million and $169.4 million, respectively.

The trend of ETH ETFs this week is the opposite of BTC ETFs. While Bitcoin funds started the week with outflows, Ethereum ETFs recorded strong inflows during these days, before returning to a state of capital withdrawal in the following days.
Overall, BlackRock's ETHA fund remains the main driver of Ethereum ETF inflows, while Grayscale's ETHE continues to see its outflow streak increase to 14 days as investors look for other products with lower annual management fees.
ETH price in the crash at the beginning of the week went from 3,160 USD all the way to 2,111 USD, then recovered to the 2,720 USD area a few days later and is currently trading at 2,600 USD.