Ethereum spot exchange-traded funds (ETFs) saw $320 million of net outflows last week, exceeding the amount withdrawn from bitcoin spot ETFs.

On Oct. 17, blockchain media outlet The Defiant reported that net outflows across five groups of cryptocurrency ETFs tracked by Farside totalled $610.7 million from Oct. 12 to Oct. 16.

The most notable part of the outflows was in Ethereum spot ETFs. Ethereum spot ETFs posted $320 million of net outflows, a larger outflow than bitcoin spot ETFs in the same week. Market focus did not shift from bitcoin spot ETFs to Ethereum spot ETFs, but last week’s fund flows alone showed stronger outflow pressure for Ethereum.

Outflows from bitcoin spot ETFs slowed. Based on Farside’s tally, withdrawals from bitcoin-related products fell 66 percent from the previous week.

Still, outflows from Ethereum ETFs did not strengthen from the prior week. Net outflows declined for both Ethereum and bitcoin ETFs, but the decline was larger for bitcoin, pushing Ethereum’s weekly net outflows above bitcoin’s. Despite smaller outflows, neither asset returned to weekly net inflows.

The tally covers five groups of cryptocurrency ETF products tracked by Farside. That makes it difficult to judge that investor sentiment recovered based only on the slowdown in bitcoin ETF outflows, or to interpret outflows as worsening based only on Ethereum’s net outflow amount.

Key points to watch are whether the slowdown in outflows from bitcoin spot ETFs is temporary and whether the large outflows from Ethereum spot ETFs continue into next week. Last week’s figures alone showed larger investor withdrawals from Ethereum spot ETFs than from bitcoin, and flows in the ETF market were tilted toward withdrawals rather than defense.

To gauge whether the ETF market is recovering, it is also necessary to check whether new inflows continue alongside a decline in outflows. Whether net inflows on some trading days can lead to a change in weekly trends is expected to be a yardstick for judging future supply-and-demand improvement.