April 17 was a noteworthy day in the realm of cryptocurrency exchange-traded funds (ETFs), with Bitcoin-linked products showing particularly dynamic performance that caught the attention of the markets. In a single day, these investment vehicles recorded net inflows amounting to an impressive $107 million.
True to their trajectory, asset management giants like BlackRock and Fidelity led the charge, attracting considerable volumes of fresh capital, with $81 million and $25.9 million respectively.
On the other hand, the outlook for Ethereum ETFs was diametrically opposed. These funds remained in absolute stillness, recording no movement whatsoever – neither inflow nor outflow of capital. A complete inactivity that contrasts dramatically with the vibrant activity observed in their Bitcoin counterparts.
This apathy in Ethereum ETFs is not a recent isolated fact. The previous week, these same investment vehicles accumulated net losses of $32 million.
Additionally, the underlying cryptocurrency, $ETH , seems to be in a state of containment in the spot price market. It is trapped between two significant resistance levels: $1,540 and $1,630. This congestion in its current valuation could be reflecting, to some extent, the lack of catalysts or the indecision perceived in the investment products associated with it.