Bitcoin and Ether Prices Recover

Both Bitcoin and Ether prices are bouncing back more from last week’s global market slump. However, the overall trend of crypto investments will likely align with tech stock performance and risk appetite, which has been relatively muted thus far.

JPMorgan’s analysts reported ongoing outflows for both Ether and Bitcoin ETFs. Ether ETFs ended the week with $105 million in net sales, while Bitcoin ETFs faced net redemptions totaling $169 million.

U.S. spot Ether exchange-traded funds continued to see negative flows, recording $16 million in net outflows on their 16th trading day, as per a JPMorgan research report. Grayscale’s Ethereum Trust (ETH) (NYSE:ETHE) led the outflows with a reduction of $42 million, though this figure was below its average since launch.

In contrast, BlackRock’s iShares Ethereum Trust ETF (NASDAQ:ETHA) fared better, attracting $20 million in sales, leading to total net flows exceeding $900 million since its launch. The largest asset manager noted that the management fee for its ether fund won’t rise from 12 basis points to 25 basis points until it reaches $2.5 billion in assets.

On the same day, U.S. spot Bitcoin ETFs experienced net redemptions of $90 million after a strong previous day. Grayscale’s Grayscale Bitcoin Trust (BTC) (NYSE:GBTC) led the outflows among 12 bitcoin funds with $77 million. GBTC has been the worst-performing ETF by outflows since its launch in January, seeing roughly $20 billion pulled out so far.

Conversely, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) secured $10 million in sales, contributing to a total of $266 million in net sales since its recent separation from GBTC two weeks ago.