The past week saw a trend reversal in the crypto market, particularly in the U.S. spot ETF scene. While Bitcoin ETFs show positive momentum, Ethereum products continue to experience outflows.
Bitcoin ETF Growth
From March 17 to 21, spot Bitcoin ETFs collectively saw nearly $745 million in positive flows. BlackRock's IBIT recorded the highest deposits, along with ETFs from Fidelity, Ark Invest/21Shares, and Bitwise. This came despite recent significant outflows, indicating renewed investor interest.
Ethereum ETF Outflows
Ethereum-based products continue to face outflows, with investors withdrawing $102.9 million over the week. Only specific products such as Grayscale's ETHE and 21Shares' CETH witnessed positive flows on a single day of the week.
Market Impact
Despite selling pressure related to outflows, Ethereum's price has risen by almost 10%, while Bitcoin gained 5%. Analysts foresee a potential turnaround for ETH as whales continue to accumulate.
Amid positive shifts in Bitcoin ETF dynamics and ongoing Ethereum ETF outflows, crypto markets demonstrate mixed trends.
