Bitcoin exchange-traded funds (ETFs) recorded a notable $568.45 million in net inflows for the week ending March 6, marking a second consecutive week of positive movement. This inflow came amidst a significant buying spree from March 2 to March 4, which saw a total of $1.15 billion entering the market, effectively countering the $576 million in outflows experienced in the following days.
During this buying wave, March 2 and March 4 reported inflows of $458.19 million and $461.77 million, respectively, with March 3 also contributing $225.15 million. However, the momentum shifted on March 5, leading to $227.83 million in outflows, followed by a larger $348.83 million withdrawal on March 6. Despite this late-week downturn, the overall net inflow for Bitcoin ETFs remained positive.
As of March 6, the total net assets for Bitcoin ETFs climbed to $87.07 billion, reflecting an increase from $83.40 billion reported on February 27. Weekly trading volume surged to $25.87 billion, significantly higher than the $15.99 billion recorded the previous week.
In comparison, Ethereum ETFs experienced a more modest increase, with net inflows totaling $23.56 million for the same week. This figure is a sharp decline from the previous week”s $80.46 million. March 4 was the standout day for Ethereum, achieving $169.41 million in inflows before facing two consecutive days of substantial outflows of $90.94 million on March 5 and $82.85 million on March 6. Ultimately, these withdrawals nearly erased the gains from March 4.
Despite the fluctuations, total net assets for Ethereum products reached $11.28 billion, with cumulative net inflows standing at $11.63 billion. The price of Ethereum also saw a decline, trading below $1,900 after a drop of 2% in a 24-hour period.
In summary, while Bitcoin ETFs enjoyed a healthy influx of capital, the volatility in Ethereum ETFs highlights the dynamic nature of the cryptocurrency market, illustrating the balance between bullish and bearish investor sentiment.
