Bitcoin ETFs witnessed an unprecedented trading volume of almost $3 billion in the first hour of trading, exceeding Ethereum ETFs by more than tenfold.
The surge came as investors hastily shed assets in response to a major global stock selloff, sending the world's two largest cryptocurrencies to their lowest levels in months.
Data from CoinShares revealed that Bitcoin and Ethereum investment products experienced significant outflows of $400 million and $146 million, respectively, in the week ending August 3. On Friday, Bitcoin ETFs recorded their most significant one-day outflows in nearly three months.
The development marked the first loss in five weeks for Bitcoin funds, halting a winning streak that had attracted more than $3.5 billion. On the other hand, Ethereum ETFs also suffered a two-week losing streak, with total outflows approaching $500 million.
The BTC price is undergoing a slight recovery at the time of writing, after hitting below $50,000 during the day.
*This is not investment advice.