Key facts
- Spot Bitcoin ETFs attracted $265.69 million on Monday.
- This represents the largest daily inflow for Bitcoin ETFs in over a month.
- Ether ETFs attracted $20.66 million on Monday.
- BlackRock's Ether ETF led gains among Ether ETFs.
- Bitcoin ETFs have recorded a net loss for the week.
- Bitcoin's rally has stalled from a two-week high.
- Concerns exist over weak U.S. demand for Bitcoin.
- Negative Coinbase premiums are cited as evidence of weak demand.
- Spot Bitcoin ETFs have seen consistent outflows.
- Futures open interest for Bitcoin has declined.
- Declining open interest suggests derivative traders are not participating in the price rise.
Spot Bitcoin ETFs saw substantial inflows on Monday, drawing $265.69 million, representing the largest daily inflow in more than a month. This positive trend extended to Ether ETFs, which attracted $20.66 million, with BlackRock's Ether ETF being a notable performer. Despite these recent gains, Bitcoin ETFs have experienced a net loss over the past week. The sustainability of Bitcoin's recent rally is being questioned due to weakening U.S. demand. Evidence for this includes negative Coinbase premiums and persistent outflows from spot Bitcoin ETFs. Furthermore, a decline in futures open interest indicates that derivative traders are not actively participating in the current price increase. This lack of participation from traders in the derivatives market suggests that the rally may lack strong underlying support. Bitcoin's price has stalled, falling from a two-week high as these concerns about demand and market sentiment take hold.