ETH Stays Ahead of BTC, but Momentum Weakens

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Over $100 million entered the funds tracking the altcoin in the past week.

The spot Bitcoin exchange-traded funds ended their third consecutive week in the green, but momentum faded at the end of it.

In the meantime, the funds tracking Ethereum continue to outperform, gaining over $100 million as the underlying asset challenged the $1,950 level.

BTC ETFs Still in the Green but…
The funds tracking the market leader were in a tough spot for weeks. Eight, to be precise. In this streak that began in mid-May and felt it went on for eternity, they saw over $8 billion withdrawn from investors, with the total net inflows going down from over $59.34 billion to $51.08 billion on July 2.

However, investors finally changed their tune at this point and broke this negative trend during the first full week of July, inserting nearly $200 million. Another $75.67 million followed during the subsequent week, and the one that just ended began on a high note. In fact, the actual net inflows stood at approximately $1 billion during the seven consecutive green days – from July 14 until July 22.

This coincided (or propelled) with bitcoin’s price rally that drove the asset to $67,000 on Wednesday for the first time in over a month. However, the asset was rejected there, driven south to $64,000 on Friday, while the ETF outflows returned. On Thursday and Friday, investors pulled out $225.18 million and $240 million, respectively.

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