Bitcoin’s price breakout efforts faced several obstacles at the $82,000 mark over the past week, a situation that can be partially attributed to the latest happenings regarding US ETFs. The spot Ethereum ETFs faced a challenging day, enduring a continuous streak of losses without a single day in the green. Last week, which concluded on May 6, saw remarkable activity as spot Bitcoin ETFs pulled in more than $620 million in net inflows. This marks an impressive green streak, showcasing six consecutive weeks where inflows have outpaced outflows.
However, this streak was interrupted in the last five trading sessions. According to data, investors have shifted their strategy, resulting in a total withdrawal of $1 billion. This adjustment has decreased the cumulative net inflows from $59.34 billion to $58.34 billion. Analyzing the data reveals that May 13 stands out as the worst-performing trading day, marked by net outflows totaling $635 billion. On May 15, the figure reached $290 million, while May 12 came in third with $233 million. In contrast, net inflows led the other two trading days, albeit in a more subdued fashion: $28.3 million on Monday and $131.31 million on Thursday. This marked the financial vehicles’ most challenging week since late January, when investors were withdrawing funds en masse.
The cryptocurrency’s price made three attempts to breach the upper boundary of its consolidation range, but each effort was met with resistance. The most recent event occurred on Thursday, following the passage of the CLARITY Act by the Senate Banking Committee. Subsequently, BTC experienced a significant drop, falling from $82,000 to below $78,000 by Friday and Saturday. The performance of spot Ethereum ETFs is particularly concerning, as there wasn’t a single trading day in the green last week. On Monday, investors pulled out $16.9 million, followed by a staggering $130.62 million on Tuesday. The trend continued with withdrawals of $36.3 million on Wednesday, $5.65 million on Thursday, and $65.65 million on Friday.
Thus, the week concluded with net outflows exceeding $255 million – marking the highest figure since late January once more. James Seyffart analyzed the recent performance of BTC and ETH ETFs, highlighting a troubling trend for investors in the altcoin space. ETH’s price faced resistance at $2,400 earlier this week and is currently trading below $2,200. Throughout the week, the ETFs associated with SOL and XRP managed to close without experiencing any declines. The Ripple ETFs have achieved their strongest performance since December, with Solana funds also showing notable gains.