Wall Street is gaining an increased protagonism in Bitcoin (BTC) and Ethereum (ETH) investment and trading activities with the ETFs. This week, these cryptocurrency exchange-traded funds moved another dozens of millions of dollars while buying or selling the underlying cryptocurrencies.
Finbold retrieved data from CoinGlass on August 17, looking back to the week – from Monday, 12, to Friday, 16.
Overall, Bitcoin spot ETFs added $32.4 million of BTC to their holdings, suggesting a positive demand on Wall Street. Meanwhile, Ethereum spot ETFs subtracted $14.10 million worth of ETH this week, pressuring the leading Web3 token.
1D and 7D Net Inflow for Bitcoin and Ethereum spot ETFs. Source: Lookonchain
Wall Street’s Bitcoin and Ethereum net inflows
Looking back to this week’s activity on CoinGlass, Bitcoin spot ETFs added 604.56 BTC in five days. Only one day, August 14, resulted in accumulated outflows, summing up to 1,340 BTC that left the funds.
Grayscale’s GBTC continues to be the main selling source, dumping over 3,319 BTC on retail, worth $195.2 million. BlackRock‘s (NYSE: BLK) iShares Bitcoin trust (IBIT) continues to be the main buying source, adding over 1,210 BTC.
Total Bitcoin Spot ETF Net Inflow (BTC). Source: CoinGlass / Finbold
Conversely, Ethereum spot ETFs sold 5,690 ETH since August 12, with three positive and two negative trading days. Grayscale’s ETHE is also the main source of outflows, while BlackRock’s is also the main source of inflows.
Total Ethereum Spot ETF Net Inflow (ETH). Source: CoinGlass / Finbold
Bitcoin (BTC) and Ethereum (ETH) price analysis
Notably, Ethereum has slightly outperformed Bitcoin in the last seven days.
As of this writing, ETH trades at $2,605.78, down 0.57% in a week, while BTC trades at $59,220, down 2.30% in the same period. It has been a bearish week for the cryptocurrency market, partially evidenced by Wall Street’s trading.
Bitcoin (BTC) and Ethereum (ETH) one-week price charts. Source: Finbold
On the other hand, Solana (SOL) spot ETF filings were removed from the Chicago Board Options Exchange (Cboe) this Saturday. Investors and commentators speculate on a possible withdrawal from the issuers, hinting that SOL will not have its exchange-traded funds approved anytime soon. Finbold reported this case with a price analysis on August 17.
BlackRock had previously mentioned a lack of interest in other cryptocurrencies besides Bitcoin and Ethereum, which is reflected in Wall Street. The market now continues to watch further developments and related news for the next week.
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