The US Bitcoin (BTC) and Ethereum (ETH) spot Exchange-Traded Funds (ETFs) had a disastrous week last week, with the exchange-traded products seeing daily outflows, sending assets under management plummeting to new lows.
Bitcoin ETFs lose over $700 million
Bitcoin ETFs had one of their worst weeks since their launch in January last week. The 11 funds lost a total of $706 million in just four trading days, as US markets were closed for Labor Day last Monday. Only the week of March 19 saw a larger outflow for Bitcoin funds, at nearly $900 million.
A week earlier, the funds had already lost capital every day since Tuesday. This means that the counter of consecutive red trading days now stands at eight. This marks the longest negative streak since the IPO.
All Bitcoin ETFs combined now manage $48.24 billion. It’s the first time in a month that the value has fallen below $50 billion and is also the lowest cumulative value since May 1.
Ethereum ETFs Continue to Wobble
The Ethereum ETFs, which were launched in late July, also lost capital last week – just like every other week so far.
Ethereum funds shrank every trading day, with cumulative net outflows of $91.1 million. Tuesday and Wednesday were the worst days in weeks, with outflows of $47.4 million and $37.5 million, respectively.
The Ethereum ETFs are experiencing almost daily outflows, resulting in total assets under management constantly hitting new lows. Currently, assets under management stand at $6.09 billion.
Since the welcome to the exchanges, more than $568 million has flowed out of the funds. Still, Bloomberg ETF analyst Eric Balchunas remains optimistic, as you could read in the Ethereum news last week. He thinks a turnaround is only a matter of time.
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Source: https://newsbit.nl/bitcoin-en-ethereum-etfs-bereiken-nieuw-dieptepunt-na-dramatische-week/
