The prices of BTC and ETH have fallen over the past week, though ETH rebounded slightly on Saturday to above $4,000.
Spot Ethereum ETFs saw their highest weekly outflows on record last week, as the prices of most of the world’s leading cryptocurrencies dipped.
The ETFs saw a combined $795.6 million worth of outflows for the week ending Sept. 26, according to SoSoValue data, with over $10 billion in trading volume. The outflows just outpaced the second-worst week for the funds, the week ending Sept. 5, which saw $787.7 million worth of outflows.
Over $200 million flowed out of BlackRock’s industry-leading ETHA fund, which still holds assets under management (AUM) worth over $15.2 billion, last week. Yet the Fidelity Ethereum Fund (FETH), the third-largest fund by AUM, saw over $362 million worth of outflows over the same period.
As ether’s price dipped below $4,000 on Thursday and Friday, the spot ETFs saw around $250 million worth of outflows for each day, the worst two-day span for outflows since mid-August. The dip below $4,000 was “triggered by a mix of technical breakdowns, macroeconomic jitters, and cascading liquidations,” crypto analyst Rachael Lucas previously told The Block.
ETH’s price rebounded slightly on Saturday, bringing it back above the $4,000 watermark. The world’s second-largest cryptocurrency currently trades around $4,020, according to The Block’s Ethereum Price page.
Bitcoin ETFs also bleed
Spot Bitcoin ETFs also logged a high level of weekly outflows, with a total of $902.5 million across the funds currently available, according to SoSoValue data.
Friday’s outflow total of $418.3 million was the highest single-day number since mid-August and, like with the Ethereum funds, BlackRock’s industry-leading IBIT fund bled relatively less than its closest competitor, Fidelity’s FBTC. IBIT saw just $37.3 million worth of outflows on Friday, compared to FBTC’s $300.4 million.
Over time, BlackRock’s fund has grown its share of the market, The Block’s data shows. At times, the fund has held more than an 80% market share among BTC funds, though, curiously, BlackRock hasn’t filed for a spot Solana ETF, like many of its competitors.
