This past week was like a tale of two cities for crypto investors, with Bitcoin and Ethereum going in opposite directions faster than you can say “blockchain.”
Bitcoin had a week to remember, thanks to some serious love from US-based spot Bitcoin ETFs. Picture this: every single trading day saw a flood of cash pouring in, with millions and even billions changing hands. It's safe to say BTC was living its best life, especially after the buzz from Donald Trump clinching the 2024 presidential elections. The week kicked off a bit slow, with a humble $254.8 million in inflows on Monday, but hold onto your hats because things got wild. Tuesday saw a whopping $829.5 million, Wednesday a cool $773.4 million, and Friday $490.3 million. And Thursday? A jaw-dropping $1.005 billion. By the end of the week, the total inflows hit an eye-popping $3.353 billion!
The biggest players in this Bitcoin bonanza were BlackRock's IBIT, Fidelity's FBTC, and Ark Invest's ARKB. These guys were the rockstars, with IBIT alone raking in over $500 million on multiple days. Meanwhile, BTC's price was on a rocket ride, climbing from around $90,000 on Monday to just shy of breaking six figures by Friday.
On the flip side, Ethereum had a week that it would probably rather forget. After a promising start following the US elections, Ethereum's ETFs ended the week in a sea of red. Each day seemed to bring more outflows, with Monday seeing $39.1 million leaving the party, Tuesday another $81.3 million, and so on. By the end of the week, the Ethereum ETFs were down $68.4 million, despite a brief glimmer of hope when they attracted $91.3 million on November 22.
Still, it's not all doom and gloom for ETH. Its price managed to rally, climbing over 10% in the past week to settle above $3,400. It's like a rollercoaster, and we're all just along for the ride. So, what's next? Hold onto your digital wallets, because in the world of crypto, anything can happen.
