The five largest U.S.-listed spot bitcoin ETFs by assets under management dipped in Monday trading, even as the cryptocurrency that they track held fast to a good portion of its gains from the past three days.

The iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust ETF (GBTC), Bitwise Bitcoin ETF (BITB), and ARK 21Shares Bitcoin Trust (ARKB) were all trading slightly in negative territory after rising 5% to 6% last week. Bitcoin was hovering near $63,600, down about 1% over the past 24 hours after it spent almost the entire weekend comfortably above $64,000 its highest level since the beginning of August, according to data provider CoinMarketCap.

Those gains came after U.S. Federal Reserve Chair Jerome Powell offered strong signals of the central bank's readiness to cut interest rates for the first time in more than four years, and crypto friendly presidential candidate Robert Kennedy announced he was abandoning his campaign and would support Republican nominee Donald Trump.

In her Crypto Is Macro Now newsletter, Noelle Acheson noted the "tailwinds piling up behind the BTC price."

"Rate cuts are good for BTC, as it is particularly sensitive to monetary liquidity conditions (seen as a risk asset, with no cash flow or margins to get hit in a slowdown)," she wrote.

Flows to the 11 spot bitcoin ETFs reached more than a quarter of a billion dollars on Friday as bitcoin's price climbed, about half its total for the week, according to U.K.-based asset manager Farside Investors. Those products, which now manage roughly $50 billion in assets, have received net inflows for seven consecutive days.

Market leader IBIT led last week's charge with about $87 million in inflows on Friday and more than $318 million in inflows for the five trading days. The fund has about $20 billion in AUM, the most among the fledgling products. FBTC and ARKB generated $88 million and $76 million in weekly inflows, respectively. GBTC had more than $86 million in weekly outflows and has totaled more than $19.7 billion in outflows, the only spot bitcoin ETF with outflows.

GBTC differs from the other products because it is a conversion from an existing trust and has the highest expense ratio, 1.5%.

Ethereum ETFs Face Continued Outflows

Meanwhile, three of the four largest Ethereum ETFs by assets were trading lower on Monday with BlackRock’s iShares Ethereum Trust (ETHA) and the Fidelity Ethereum Fund (FETH), and Grayscale Ethereum Trust (ETHE) off about 1%. The Bitwise Ethereum ETF (ETHW) was a bright spot, rising more than 4%.

The nine spot Ethereum-based funds have generated net outflows for seven consecutive days, according to Farside data, and have received a more modest reaction from investors than the bitcoin funds. They have totaled about $465 million in net outflows since they began trading in July, although that sum accounts for $2.5 billion in outflows from ETHE, another conversion from an existing trust with a high 2.5% fee.

Ethereum funds track the price of ether, the token of the Ethereum smart contracts blockchain and second largest crypto by market capitalization after bitcoin. Ether was recently trading at about $2,750, down 0.5% over the past 24 hours.

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