Oh boy, Monday was a whirlwind in the world of crypto, with nearly $300 million rushing into funds like it was Black Friday! After weeks of seeing nothing but red, Bitcoin spot ETFs finally had a day to remember, marking their best since February 4. Picture a comeback story that even Hollywood would envy!
But, alas, Ethereum’s spot ETFs are still stuck in their own little gloomy cloud, with a losing streak now stretching to nine days. It’s like they’re playing the world’s longest game of “How Low Can You Go?”
Now, let's rewind a bit. The spot BTC ETFs in the U.S. started 2024 with a bang, but then along came Trump’s tariffs and whispers of inflation and stagflation, turning the party into a bit of a dud by early February. The funds have seen more red days than green, with only seven out of 28 days shining since February 5.
Last week was particularly rough, with a whopping $800 million doing a disappearing act from these funds. But Monday brought a glimmer of hope as investors pumped in $274.6 million—a record day since early February. Fidelity’s FBTC stole the spotlight, bagging $127.3 million, with Ark Invest’s ARKB and BlackRock’s IBIT following suit. Impressively, not a single spot BTC ETF reported withdrawals, not even Grayscale’s.
Meanwhile, Bitcoin's price tried to make a dash toward $85,000 but got caught in traffic and settled below $83,000.
Over on Team Ethereum, it’s been a different story. Their spot ETFs have been on the struggle bus, with continuous outflows over the past nine trading days. They’ve only had one day with a tiny net inflow of $14.6 million on March 4. Since February 20, Ethereum funds have seen $663.2 million walk out the door.
Even Monday couldn’t break the Ethereum ETF curse, as they saw a slight net outflow of $7.3 million, thanks to Grayscale’s ETHE. Ethereum’s price has also taken a beating, losing over 30% since February and failing to break the $2,000 barrier. It’s been quite the rollercoaster ride for crypto investors, with Bitcoin making a comeback and Ethereum still searching for its groove.
