Bitcoin, Ethereum ETFs Show No Signs Of Renewed Demand, Says Glassnode

Bitcoin and Ethereum spot ETFs have continued to observe weak demand as their monthly average netflows have remained in the red.

First, here is a chart that shows the trend in the 30-day simple moving average (SMA) of the Bitcoin spot ETF netflow over the last couple of years:

Since then, the indicator has mostly remained inside this territory, although the capital bleeding has slowed down recently. Earlier this month, the 30-day SMA netflow even flipped into the positive zone, but the net inflows lasted only briefly, with the indicator quickly returning to the red region.

A similar pattern has also been witnessed with Ethereum spot ETFs, as the chart below shows.

From the graph, it’s visible that the US Ethereum spot ETFs have also seen their 30-day SMA netflow return to the underwater zone after a brief wave of net capital inflows.

This means that interest in the digital asset market as a whole continues to be down among ETF users. “There is no sign of renewed demand,” noted the analytics firm. It now remains to be seen how long the wave of outflows will go on.

At the time of writing, Bitcoin is floating around $88,000, down 3.5% in the last seven days.