Last week, Ether ETFs saw their first fund outflow in six weeks, amounting to $38.2 million. This comes after a five-week $2.57 billion inflow streak.
Outflow from Ether ETFs
According to SoSoValue, last week saw $38.2 million exiting Ether ETFs. This marks the second outflow since October, following a $3.18 billion inflow over the preceding nine weeks, which almost doubled the sector's market cap from $6.82 billion to $13 billion. Ether's price had increased by 7% to $3,661, primarily ranging between $3,300 and $3,400 throughout the week.
Interest in Bitcoin ETFs Rises
In contrast, spot Bitcoin ETFs recorded a $245 million inflow for the same week. January 3 saw the fourth-strongest daily inflow on record, with $908 million entering the funds, coinciding with a price rally from an intraday low of $96,000 to a high of $98,547. Over the past seven days, Bitcoin's price increased by 6.1%.
ETFs Leaders in 2024
Among Bitcoin ETFs, BlackRock's iShares Bitcoin Trust ETF leads with a $54.26 billion market cap. It is followed by Fidelity's FBTC and Grayscale's GBTC, each with approximately $20.2 billion. For 2024, IBIT ranked as the third-largest ETF by inflows, attracting $37 billion.
The Ether ETF outflow reflects shifts in investment preferences. While Ether loses capital, Bitcoin continues to attract investors, solidifying its ETF market position.
