The ETFs on Bitcoin and Ethereum are shining again

About twenty days ago, the crypto markets were struggling also because there were significant outflows from the spot Bitcoin and Ethereum ETFs.

This situation continued until April 11, when the price of BTC was still below $80,000, but then the trend changed. 

The inflows on Bitcoin ETFs

Monday, April 14 was actually a day with few movements, but Tuesday, April 15 the trend changed, with more than 76 million dollars in daily total inflows on spot Bitcoin ETFs. 

To tell the truth, on Wednesday the 16th there were still outflows of almost 170 million dollars, but since then every day until yesterday there have been net overall inflows.

On the other hand, Monday the 14th the price of BTC was not able to settle above $85,000, so much so that by Wednesday the 16th it had fallen back below $84,000. But already the following day it had returned to $85,000, and in fact, it remained there throughout the weekend.

The clear and strong trend change was observed starting from Monday 21, when almost 390 million dollars of total net inflows were recorded. In fact, on that very day, the price of Bitcoin had risen above $86,000.

The daily record for April was reached on Tuesday the 22nd, when over 900 million dollars of positive net inflows were surpassed. It is not an absolute record, but it is a significant amount, especially when compared to those at the beginning of the month. 

In fact, on that very day, the price of BTC returned above $90,000, and for now it has remained there, even though in the following days it tried to reach as high as $96,000 but without succeeding.

So not only have there been no outflows since Wednesday, April 16, but starting from Monday, April 21, the total net inflows have never fallen below 380 million dollars. 

The inflows on Ethereum ETFs

For Ethereum instead, the situation is less clear.

On the other hand, it has been months now that the price of ETH is struggling, much more than that of Bitcoin.

First of all, the negative trend regarding the overall daily net outflows on spot ETH ETFs ended only on Thursday the 17th, while the Bitcoin one had ended two days earlier.

Furthermore, on April 21 and 25, there were net outflows on Ethereum ETFs, while on those days Bitcoin ETFs were experiencing strong inflows. 

Finally, the positive streak of the last week consists of only three consecutive stock market sessions of net inflows for the ETFs on ETH, while the streak for those on BTC now amounts to seven. 

The monthly record for April for spot Ethereum ETFs occurred on Friday the 25th, with 104 million dollars in total net inflows, which is still a remarkable daily result for this type of product on ETH. 

The Bitcoin/Ethereum Ratio

The difference between the trend of the Bitcoin price and that of the Ethereum price is well represented by the trend of the ETH price in BTC (i.e., the trading pair ETH/BTC). 

At the beginning of December 2024, this price had risen to 0.040 BTC, thanks to the mini-altseason at the end of November, but by the end of December, it had already fallen below 0.035 BTC.

Starting from the beginning of January, a long downward trend began, which might still be ongoing, that first brought it below 0.020 BTC, and then even below 0.019 BTC.

Note that such low levels have not been seen since December 2019, that is, for more than five years, and they are definitely unusual for a post-election year. 

For example, in March 2021, when the first major altseason of that year had not yet begun, ETH was around 0.030 BTC, that is, well above the current 0.019. 

From this point of view, the relative minimum peak of this period was reached on Tuesday, April 22, when for a brief moment ETH even fell below 0.018 BTC. 

To tell the truth, it has been oscillating around 0.019 BTC since April 7, and this also suggests that the downward trend that actually started almost two and a half years ago might also have come to an end, given the very low levels now reached. 

In fact, the trend of the last three stock market sessions of spot Ethereum ETFs is promising from this point of view, but this is just a mini-trend, too short to be truly indicative.