Bitcoin and Ethereum ETFs See Heavy Outflows as Prices Hit Brick Wall

Bitcoin’s ( $BTC ) price breakout attempts were halted on a few occasions at $82,000 in the past week, which could be explained to an extent by the developments on the US ETF front.

The spot Ethereum ( $ETH ) ETFs suffered even more in terms of a red daily streak, as they didn’t see even a single day in the green.

BTC ETFs Bled Out Heavily

Recall that the previous business week, the one that ended on May 6, was quite impressive as the spot Bitcoin ETFs attracted over $620 million in net inflows. This continued an impressive green streak of six consecutive weeks with more inflows than outflows.

However, this run was snapped in the past five trading days. Data from SoSoValue shows that investors changed their course of action and withdrew $1 billion in total, reducing the cumulative net inflows from $59.34 billion to $58.34 billion.

If we break down this data, it’s evident that May 13 was the worst-performing trading day, with net outflows of $635 bilion. May 15 followed with $290 million, and May 12 was third in line with $233 million. In contrast, net inflows dominated the other two trading days but in a more modest manner: $28.3 million on Monday and $131.31 million on Thursday.

This became the financial vehicles’ worst week since late January when investors were pulling fund out en masse.

In the meantime, the cryptocurrency’s price tried to break the upper boundary of its consolidation range on three separate occasions, but it was halted each time. The last one was on Thursday, after the CLARITY Act passed the Senate Banking Committee, and BTC dumped from $82,000 to under $78,000 by Friday and Saturday.

ETH ETFs in Red, Too

The spot Ethereum ETFs’ performance is even more worrying as there wasn’t a single trading day in the green last week. Investors withdrew $16.9 million on Monday, a whopping $130.62 million on Tuesday, $36.3 million on Wednesday, $5.65 million on Thursday, and $65.65 million on Friday.

Thus, the week ended with net outflows of just over $255 million – the most since late January again. Bloomberg’s ETF specialist James Seyffart compared how the BTC and ETH ETFs have performed lately, and outlined a painful trend for those investing in the altcoin.

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