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The latest Bitcoin price rally was largely attributed to increased inflows into spot BTC ETFs in the United States, where these products posted their best three-day performance since June.
At the same time, the landscape around Ethereum ETFs is quite different, again showing significant differences.
This is either due to the increased chance of victory of US presidential candidate Donald Trump, who is pro-crypto in the upcoming elections, or investors have changed their perspective on spot Bitcoin ETFs in the last few days.
Data from FarSide shows a big increase in inflows that started on Friday. After three straight days of net withdrawals from Tuesday to Thursday, the financial fund saw inflows of $253.6 million on Friday, $555.9 million on Monday, and $371 million yesterday.
This brought the total for the period to $1,180.5 billion, making it the best three-day performance since June. Fidelity's FBTC and Bitwise's BITB ETFs led the way on Monday, with $239.3 million and $100.2 million, respectively. BlackRock's IBIT took over yesterday, with net inflows of $288.8 million.
As a result, CryptoQuant found that the total AUM for all US-based BTC ETFs has reached a significant level, about $60 billion at current prices.
While spot Bitcoin ETFs continue to enjoy great demand, the situation is different for Ethereum. The ETH spot ETF continues to struggle to gain traction and has seen significant outflows since its inception in late July, mainly due to outflows from the Grayscale fund.
In the past week, the ETF experienced two days without any significant trading activity and several days with small inflows. The start of this trading week was slightly more positive, with net inflows of $17 million on Monday, but on Tuesday, there were net outflows of $12.7 million.
However, the price of ETH has also surged since last Thursday's decline and is up by 7% on a weekly basis. Currently, the second largest cryptocurrency is above $2,600 after rising 14% in the past month.