Although the landscape is quietly and slowly improving, the spot exchange-traded funds tracking bitcoins performance ended the week once again in the red.
Ethereum‘s negative trend was also extended, as the funds behind the two largest cryptocurrencies haven’t seen a single week in the green in a month and a half.
Bitcoin ETFs in Red (Again)
Even Monday recorded substantial net outflows, with $64.09 million leaving the $BTC ETFs. This was somewhat surprising since the cryptocurrencys price actually rose past $67,000 on that date, fueled by optimism from the deal announced by US President Trump between his country and Iran.
The only day in the green was actually Tuesday, with investors inserting $10.06 million into the financial vehicles. However, the trend reversed once again on Wednesday and Thursday, with withdrawals of $82.16 million and $90.66 million, respectively.
With Friday being a non-trading day, the week ended with a total net outflow of $226.84 million, marking the sixth consecutive week in the red since the one that ended on May 15. The total cumulative net inflows have declined during this time by a whopping $5 billion.
Perhaps the only positive conclusion from this is that the total outflows have declined from $1.72 billion during the first week of June to $316 million and the aforementioned $226.84 million in the last two.
The other notable development in the past week on the ETF front, aside from BlackRocks new product, came from Franklin Templeton. The financial behemoth filed for two ETFs that will invest in US stocks and buy $BTC with the dividends from those stocks.
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The spot Ethereum ETFs also ended the week in red, thus seeing a similar 6-week outflow-dominated streak. They had two days in the green, with Monday being the first as $22.50 million entered the products amid the growing peace optimism at the time.
Another $9.59 million went into the funds on Tuesday, but the tides turned once again on Wednesday and Thursday. The total net outflows for those days were $29.37 million and $12.77 million, as the week closed with a negative $10.05 million.
The cumulative total net inflows for the $ETH ETFs are down from $12.09 billion on May 8 to $11.18 billion on June 18.