BTC Exchange-Traded Funds Continue $3.1B Nine-Day Rally While Ethereum Products See Withdrawals
Spot Bitcoin exchange-traded funds in the United States pulled in $66.2 million on Tuesday, pushing their nine-day winning run to $3.1 billion in total inflows, as Ether ETFs experienced $3 million in withdrawals.
Exchange-traded funds tracking spot Bitcoin prices in the United States have now maintained their positive net inflow momentum for nine consecutive trading sessions, even as Ethereum and Zcash investment products shifted into withdrawal mode.
The Bitcoin-focused ETFs pulled in $66.2 million during Tuesday's trading session, pushing the total net inflows accumulated throughout their current winning run to approximately $3.1 billion, based on figures compiled by SoSoValue. For the calendar year to date, net inflows have climbed to around $1 billion.
Meanwhile, certain alternative cryptocurrency funds experienced a trend reversal. Spot Ethereum ETFs broke their seven-day positive streak by registering approximately $3 million in net withdrawals on Tuesday. These same funds had successfully drawn in more than $851 million throughout the previous seven trading sessions, which pushed their total cumulative net inflows to approximately $14 billion.
At the start of the week, Zcash-tracking ETFs also broke a six-day positive inflow pattern following the recording of $8 million in net withdrawals during Monday's session.
At the time this article was published, Bitcoin was changing hands at approximately $83,567, representing a 0.4% decline over the preceding 24-hour period, based on CoinGecko data. Market sentiment across the cryptocurrency sector also experienced a slight cooling, with the Crypto Fear & Greed Index from Alternative.me dropping to 71 from the previous day's reading of 73, though still maintaining its position within "Greed" territory.
"The rise in crude prices is capping non-yielding assets, so Bitcoin's rally has taken a bit of a pause," Kyle Rodda, senior financial market analyst at Capital.com, told Cointelegraph.
According to Rodda's analysis, Bitcoin may face challenges in recapturing its upward trajectory as long as risks associated with energy pricing continue, although he noted that the cryptocurrency's technical outlook stayed "quite constructive."