Hold onto your hats, crypto enthusiasts, because it's been a rollercoaster week in the land of Bitcoin! Despite a tidal wave of nearly $1 billion flowing into spot Bitcoin ETFs over the past five trading days, Bitcoin's price didn't exactly hit the jackpot with any new peaks. It's like a party with all the snacks but no music—good, but not quite legendary.
Last week, the Bitcoin ETFs were the talk of the town, flaunting their best performances since mid-March. With over $2 billion in net inflows, they sparked a Bitcoin rally that saw the asset soar from $62,500 to a dazzling $69,000 by week's end. It was like Bitcoin was on a stage, basking in the spotlight.
This week kicked off with a bang—$294.3 million poured in on Monday—but Tuesday decided to rain on the parade with $79.1 million in net inflows, marking the first negative day since October 10. Not to worry, though, as the cash flow tide turned back on Wednesday, Thursday, and Friday with impressive figures, culminating in a grand total of $997.6 million for the week.
Leading the charge was BlackRock’s IBIT, raking in $329 million on Monday alone and continuing strong throughout the week, amassing a jaw-dropping $1.147 billion overall. While IBIT was basking in glory, the rest of the funds couldn't quite keep up, ending the week in the red.
Meanwhile, Bitcoin's price didn't quite follow the script. Peaking at $69,500 on Monday, it took a mid-week dip to $65,000 before settling at $67,000—a modest 1.7% drop for the week. It's like Bitcoin wanted to keep us all on our toes!
Now, let's talk Ethereum. While Bitcoin was soaking up the limelight, Ethereum funds were more like the understudy, waiting for their big break. They ended the week with a few bruises, suffering minor losses. The week's net outflows for Ethereum ETFs added up to $24.6 million, with ETH's price slipping over 6%, now struggling to stay afloat below $2,500.
So there you have it, folks! The crypto world keeps us guessing, proving once again that it's an ever-evolving adventure. Stay tuned, because who knows what next week will bring?
