Both prices and are rebounding more since last week’s global market crisis. In the low term, however, the overall trend of cryptocurrency investment is likely to follow the performance of tech stocks and risk appetite, which has been fairly muted so far.
JPMorgan analysts highlighted the ongoing trend of outflows for both Ether and Bitcoin ETFs. Ether ETFs ended the week with net sales of $105 million, while Bitcoin ETFs saw net redemptions of $169 million.
ETH Spot funds on U.S. exchanges continued to see negative flows on Friday, recording $16 million in net outflows on the 16th day of trading, according to a JPMorgan research report.
Grayscale’s Trust (ETH) (NYSE:) led the outflows, down $42 million, though that was lower than its average since inception, according to the bank’s calculations.
BlackRock’s iShares Ethereum Trust (NASDAQ:) ETF, meanwhile, continued to perform relatively well, attracting $20 million in sales, bringing its total net flows to more than $900 million since launch. However, the world’s largest asset manager said the fund’s ether management fee would not boost from 12 basis points to 25 basis points until the fund reached $2.5 billion in assets.
On the same day, US Bitcoin spot ETFs also saw net redemptions of $90 million, following a mighty performance the previous day.
Grayscale’s Grayscale Bitcoin Trust (BTC) (NYSE:) led the outflows among 12 bitcoin funds with $77 million. GBTC continues its losing streak as the worst-performing ETF in terms of outflows since its launch in January, with a total of about $20 billion withdrawn to date.
However, the iShares Bitcoin Trust (NASDAQ:) BlackRock managed to achieve $10 million in sales. The largest spot bitcoin ETF by net asset value has contributed $266 million in net sales since its spin-off from GBTC two weeks ago.
