Bitcoin ETF Continues to Draw $3.1 Billion in Funds; Ethereum Funds See Net Outflows

Ethereum ETF saw a net outflow of $3 million on Tuesday, following seven consecutive days of capital inflows; at the beginning of this week, the Zcash fund also experienced a net outflow of $8 million.

U.S. spot Bitcoin exchange-traded funds ( ETF ) recorded net inflows for the ninth consecutive trading day, while Ethereum and Zcash funds turned to net outflows.

According to the data from SoSoValue, Bitcoin ETF attracted $66.2 million in funds on Tuesday, bringing its total net inflow during this round of gains to approximately $3.1 billion. The net inflow since the beginning of the year has also risen to about $1 billion.

However, some altcoin funds have seen a reversal in trend. After seven consecutive days of inflows, the spot Ethereum fund ETF recorded a net outflow of approximately $3 million on Tuesday. In the preceding seven trading days, these funds attracted over $851 million in capital, bringing the cumulative net inflow to around $14 billion.

Earlier on, Zcash ETF recorded a net outflow of 8 million US dollars on Monday this week, ending a period of six consecutive days of capital inflows.

CoinGecko Data shows that as of press time, Bitcoin was trading at $83,567, a decrease of 0.4% over the past 24 hours. The Crypto Fear & Greed Index Alternative.me also saw a slight decline, falling from 73 the previous day to 71, but it is still in the “greedy” range.

Capital.com Senior Financial Market Analyst Kyle Rodda said to Cointelegraph: "The rise in crude oil prices is suppressing unprofitable assets, so the upward momentum of Bitcoin has somewhat stagnated."

Rodda indicates that as long as energy price risks persist, it may be difficult for Bitcoin to regain upward momentum, although its technical outlook remains 'quite positive'.

Relevant reports:According to CoinShares, the influx of ETF funds into Bitcoin still makes the institutional demand unclear.