US spot Bitcoin exchange-traded funds posted sharp swings in fund flows during a key macro week, according to Techub, citing CryptoPotato. On Tuesday, the day the US Senate voted on the CLARITY Act, investors pulled a net $450.33 million from spot Bitcoin ETFs after the outcome fell short of what the crypto industry had hoped for. That marked the largest single-day net outflow since late June. The pressure continued on Wednesday, when spot Bitcoin ETFs recorded another $296 million in net outflows after the Federal Reserve announced a rate hike. Conditions improved slightly on Thursday, with net inflows coming in at just under $160 million. By Friday, flows had reversed sharply, with spot Bitcoin ETFs taking in $433.03 million, the strongest daily inflow in two weeks, enough to push the week back into positive territory with a net inflow of $6.21 million. Bitcoin also rose from $76,000 to above $80,000 that day. Spot Ethereum ETFs moved the other way for the week, ending a run of several weeks of net inflows and posting a weekly net outflow of $140 million, even though they logged inflows on Monday and Friday.
US spot Bitcoin ETF flows swung sharply during a key macro week, according to Techub, which cited CryptoPotato.
On Tuesday, the day the US Senate voted on the CLARITY Act, the result fell short of what the crypto industry had wanted. Investors pulled a net $450.33 million from spot Bitcoin ETFs, the largest single-day net outflow since late June.
Outflows continued on Wednesday after the Federal Reserve announced a rate hike, with spot Bitcoin ETFs recording another $296 million in net redemptions. Thursday brought a modest rebound, as net inflows came in at just under $160 million.
Flows turned around on Friday. Spot Bitcoin ETFs posted $433.03 million in net inflows, the highest daily total in two weeks, pushing the weekly figure back into positive territory at $6.21 million. Bitcoin also climbed from $76,000 to above $80,000 that day.
At the same time, spot Ethereum ETFs ended their streak of net inflows from previous weeks. They recorded a net outflow of $140 million for the week. Although the products saw net inflows of $121.02 million on Monday and $143.8 million on Friday, that was not enough to offset outflows on Tuesday, Wednesday and Thursday.
Ethereum briefly moved above $2,600 on Friday and Saturday.
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