Ethereum ETFs snapped a five-day inflow streak and Bitcoin ETFs logged a second day of outflows, though both funds extended their weekly inflow streaks to three.
US-listed spot Ethereum exchange-traded funds (ETFs) logged $70.62 million in net outflows on Friday, ending a five-day inflow streak.
Ethereum funds saw $211.25 million in net inflows over the previous five sessions from July 17 to Thursday, according to SoSoValue data. They still posted $103.9 million in net inflows for the week ended Friday.
Despite the outflows, Ethereum ETFs extended their weekly inflow streak to three straight and have attracted $337.74 million in net inflows so far in July.
Spot crypto ETF flows have become one of the market’s most closely watched gauges of demand for Bitcoin (BTC) and Ether (ETH) through traditional investment products.
Although other jurisdictions, including Hong Kong, have launched similar funds, US-listed ETFs account for the vast majority of assets and trading volumes.
Daily spot Ethereum ETF net flows from July 17 to July 24. Source: SoSoValue
The reversal followed a similar pattern in Bitcoin ETFs, which ended a seven-day inflow streak on Thursday and recorded another $240.08 million in net outflows on Friday.
Bitcoin ETFs also extended their net inflow streak to three consecutive weeks, adding $103.90 million during the week ended Friday and $233.96 million so far in July. They followed a record June, when $4.5 billion flowed out of the funds.
BTC traded just under $64,000 at the time of writing, tumbling from the week’s high of $66,892 on Tuesday, according to CoinGecko. ETH traded at $1,837, down from Wednesday’s weekly high of $1,954.
Related: Bitcoin falls under $64K as surging US bond yields boost Fed rate-hike odds
Following Japan’s recent overhaul of its crypto regulations, which is widely viewed as laying the groundwork for future spot Bitcoin ETFs, crypto management platform XWIN estimated that a mature Japanese spot Bitcoin ETF market could reach about $18.4 billion, equal to roughly 0.13% of the country’s $14.6 trillion in household financial assets.
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