A remarkable trend reversal is emerging in the world of cryptocurrencies: Bitcoin ETFs are experiencing a resurgence, while Ethereum products continue to experience outflows.
In the most recent trading week ending March 21, US spot Bitcoin ETFs recorded their first net inflows in five weeks, attracting $744.3 million. This return to positive Bitcoin ETF flows could mark a turning point for investment sentiment in the crypto space. While Bitcoin products are breaking their outflow streak, Ethereum-based funds continue to experience outflows, now for the fourth consecutive week.
BlackRock‘s iShares Bitcoin Trust (IBIT) led the list with $537.5 million in inflows over the five-day period, accounting for the majority of the total volume. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $136.5 million in new investments, while the ARK 21Shares Bitcoin ETF (ARKB) contributed $79.5 million. Daily flow data shows that Bitcoin’s momentum built throughout the week.
On March 17, $274.6 million flowed into Bitcoin ETFs, while another $209.1 million was added on March 18. Following a modest inflow of $11.8 million on March 19, the products attracted $165.7 million on March 20 and closed with $83.1 million on March 21. These positive Bitcoin flows coincide with recent price movements that have left the cryptocurrency trading at approximately $87,935, representing a 5.4% improvement over the past seven days, although it remains down nearly 6% year-to-date.
While Bitcoin ETFs have seen renewed investor interest, Ethereum-based products extended their negative streak to four consecutive weeks of outflows. According to Farside Investors, Ethereum ETFs recorded net outflows of $102.9 million during 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.
Ethereum’s price action is showing recent signs of recovery, with the asset trading at around $2,074 and posting an 8.4% gain over the past seven days, despite the cryptocurrency losing 37.8% of its value year-to-date. The contrasting flow patterns highlight the changing investor sentiment between the two leading cryptocurrencies as markets attempt to recover from recent volatility.
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