As a seasoned researcher with years of experience tracking market trends and analyzing financial data, I find myself awestruck by the unprecedented inflows into Bitcoin and Ethereum ETFs. The recent surge in demand for these digital assets is nothing short of remarkable.
On November 11th, the trend of increasing investments in US Bitcoin Exchange-Traded Funds (ETFs) persisted, marking the second occasion this month that daily inflows exceeded $1 billion.
Starting from November, an aggregate amount of approximately $4.96 billion has been invested into Bitcoin ETFs, as per SoSoValue’s data. This surge in demand can be attributed to Donald Trump’s election victory in the U.S., which has ignited a wave of market optimism that extends across various sectors.
As an analyst, I’m sharing that on Monday, it was my observation that BlackRock’s IBIT (Institutional Businesses and iShares Investment) took the lead in the market, attracting a substantial inflow of $756.4 million in new investments. Notably, this marks the third consecutive day of positive inflows for IBIT. Furthermore, an impressive daily trading volume of $4.5 billion was recorded, setting a new record for the firm.
On that particular day, just four out of the twelve available options didn’t register any transactions at all. The remaining Bitcoin ETFs contributed to a total net inflow of $1.11 billion.
- Fidelity’s FBTC: $135.07 million.
- ARK and 21Shares’ ARKB: $108.62 million.
- Bitwise’s BITB: $42.66 million.
- Grayscale’s Bitcoin Mini Trust: $28.19 million.
- Grayscale’s GBTC: $24.23 million.
- Franklin EZBC: $10.09 million.
- Invesco’s BTC: $8.70 million.
By the end of trading on Monday, the total amount of money flowing into all Bitcoin exchange-traded funds (ETFs) in the United States had reached an unprecedented $26.90 billion since their initial offerings.
Over the weekend, Bitcoin (BTC) soared above $80,000 for the initial time ever, eventually peaking at a record-breaking high of $89,864 on November 12th.
According to Jesse Myers, one of the co-founders of Onramp Bitcoin, the recent increase in Bitcoin’s price can mainly be attributed to a shortage in supply following the halving event. This is because the reduced production of new Bitcoins isn’t keeping pace with the rising demand. The scarcity caused by this imbalance, further amplified by Bitcoin ETFs, is driving prices upwards to reestablish market balance.
Ethereum ETFs record highest inflow day
In the past week, Ethereum (ETH) has surged by more than 38%, reaching prices not seen since July. This surge comes as institutional investors are starting to focus on Ethereum Exchange Traded Funds (ETFs). The increasing interest is due to optimism about regulatory approval and the possibility of Ether ETFs that allow staking, which has led to a consistent influx of funds since the post-election period.
Spot Ether ETFs drew in a record $295 million per SoSovalue data, surpassing the $106.78 million reached in July when the offering first started trading.
Fidelity’s FETH led with $115.5 million in inflows, followed closely by BlackRock’s ETHA, which attracted $100.5 million. Meanwhile, Grayscale’s Ethereum mini-trust and Bitwise’s ETHW saw inflows of $63.3 million and $15.6 million, respectively.
Right now, Ethereum is experiencing a 7.1% increase over the last 24 hours, with its current value being $3,366. On the other hand, Bitcoin saw a 9.6% rise during the same period, and it’s trading at approximately $89,003 per unit.
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2024-11-12 11:53