Bitcoin and Ethereum funds are turning a corner, but there are pitfalls

Bitcoin and Ethereum spot ETFs ended the current session with net inflows, breaking the negative streak set last week.

However, the situation surrounding ETH ETFs is once again quite underwhelming, to say the least.

Demand for Bitcoin ETFs is back

crypto potato reported a dire picture of net inflows to 11 US-based spot Bitcoin ETFs over the weekend. After eight consecutive days of net inflows, the tables have turned, with more than $274 million flowing out of goods for the entire week.

But Monday got off to a very strong start, with $235.2 million in net inflows into the fund. Fidelity's FBTC and BlackRock's IBIT led the pack with $103.7 million and $97.9 million, respectively.

Investor behavior changed over the next three days, with net outflows of $18.6 million on Tuesday, $40.6 million on Wednesday, and $81.1 million on Thursday. Nevertheless, the trading week ended on a positive note on Friday with another $253.6 million in net inflows. FBTC was again at the forefront with $117.1 million, followed by Ark Investment's ARKB with $97.6 million.

As a result, net inflows for the week totaled $348.5 million. Friday's development coincided with, or perhaps triggered, a significant rally in BTC, which soared from Thursday's low of $58,800 to a weekly high of $63,400, before returning slightly to its current level of $62,500.

Catch ETH

The Spot Ethereum ETF also ended the week with slight gains. Despite withdrawals of $8.1 million on Tuesday and $100,000 on Friday, it managed to offset the loss with a net inflow of $10.1 million on Thursday.

However, a closer look at the total numbers actually confirms the previous narrative that there is simply not enough demand for the ETH ETF. There were no reportable flows on Monday and Wednesday. This, combined with a previous article this week comparing the Ethereum ETF's first 79 trading days to the BTC ETF's first few months, shows that investors have shown little to no interest in the second-largest cryptocurrency. Make the concept firm.

Still, ETH price has also recovered from Thursday's crash and is up 2% this week. The asset is currently trading around $2,450, about $100 above its weekly low.