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Buyers Favor Bitcoin ETFs Over Ethereum as Flows Shift
U.S. spot Bitcoin exchange-traded funds recorded their first net inflows in five weeks, attracting $744.3 million during the trading week ending March 21.
The return to positive Bitcoin ETF flows marks a potential turning point for crypto investment sentiment, with Bitcoin products breaking their outflow streak while Ethereum-based funds continue to experience withdrawals for the fourth consecutive week.
Bitcoin ETFs Back in Focus
BlackRock's iShares Bitcoin Trust (IBIT) led the charge with $537.5 million in inflows over the five-day period, accounting for the bulk of the total, according to data from U.K.-based asset manager Farside Investors. Fidelity's Wise Origin Bitcoin Fund (FBTC) followed with $136.5 million in new investments, while ARK 21Shares Bitcoin ETF (ARKB) contributed $79.5 million.
Daily flows data show Bitcoin's momentum building throughout the week, according to Farside's figures. March 17 saw $274.6 million enter Bitcoin ETFs, while March 18 added another $209.1 million. After a modest $11.8 million inflow on March 19, the products attracted $165.7 million on March 20 and finished with $83.1 million on March 21.
The positive Bitcoin flows coincide with recent price movements that saw the cryptocurrency trading at around $87,935 midday Monday, showing a 5.4% improvement over the past seven days despite remaining down nearly 6% year to date, according to CoinMarketCap data.
Ethereum's Continuing Challenges
While Bitcoin ETFs have found renewed investor interest, Ethereum-based products extended their negative streak to four consecutive weeks of outflows. According to Farside, Ethereum ETFs saw net outflows of $102.9 million for the same period, with BlackRock's iShares Ethereum Trust (ETHA) experiencing the largest exodus at $74 million.
The largest single-day Ethereum outflow occurred on March 18, when investors withdrew $52.8 million from the funds, according to Farside data.
Ethereum's price performance has shown recent signs of recovery, with the asset trading at around $2,074 and posting an 8.4% gain over the past seven days, according to CoinMarketCap. However, the cryptocurrency remains down for the year, having lost 37.8% of its value since January.
The contrasting flow patterns highlight the shifting investor sentiment between the two leading cryptocurrencies as markets look to recover from recent volatility.
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