Ether ETFs Break 5-Week Outflows Streak as Bitcoin, Litecoin and XRP Funds Record Weekly Inflows

Ether ETFs are back in the green. According to CoinShares' most recent digital asset fund flows report, last week, ether ETFs

Several analysts had tipped ether (CRYPTO: ETH) to outshine Bitcoin (CRYPTO: BTC) in 2024 for one main reason: ETFs.

Anticipation and eventual approval of ether exchange-traded funds were expected to send demand for the asset soaring.

But despite these hopes, these ETFs failed to meet expectations with ether ETFs seeing outflows for the past seven weeks.

Now, these ether ETFs are changing fortunes with ether ETF flows turning positive for the first time in five weeks.

Ether ETFs Break 5-Week Outflows Streak

Ether ETFs are back in the green. Last week, ether ETFs, including BlackRock's ETHA, Fidelity's FETH, and Bitwise's ETHW, recorded inflows of $87 million, breaking a five-week streak of net outflows, ether ETF flows turned positive for the first time in five weeks.

These inflows come as ether ETFs, specifically ETHA, saw outflows for the past seven weeks. However, these outflows began to slow down in recent weeks.

In the past week, ether ETF outflows slowed down significantly, with outflows from the ETHA ETF decreasing by 96% compared to the previous week.

Overall, crypto ETF outflows slowed down last week, with total outflows from crypto ETFs decreasing by 65% compared to the previous week.

Bitcoin, Litecoin And XRP Funds Record Weekly Inflows

Bitcoin ETFs, including BlackRock's IBIT, Fidelity's FBTC, and Bitwise's BITB, saw the most inflows in the past week.

According to CoinShares data, these funds raked in a net inflows of $1 billion in the week.

At the same time, Litecoin and XRP-linked funds saw inflows of $2 million and $800,000, respectively.

Why This Matters

Crypto fund flows offer insight into investor sentiment. Last week's crypto fund flows suggest that investor sentiment around ether may be improving.

This could be due to a number of factors, including the upcoming ether Shanghai upgrade, which is expected to enable ether withdrawals from the Beacon Chain.

Improving investor sentiment around ether may also be driven by the recent price action of the asset, with ether rising by 40% year-to-date.