As a seasoned researcher with years of experience tracking the cryptocurrency market, I find it fascinating to observe the diverging trends between Bitcoin and Ethereum ETFs this week. The inflows into spot Bitcoin ETFs, led by industry titan BlackRock’s IBIT, are a testament to the growing institutional interest in the world’s largest cryptocurrency.
This week, U.S.-listed Bitcoin and Ethereum exchange-traded funds (ETFs) are showing contrasting trends amidst a consolidation phase within the overall crypto market.
Based on information from SoSoValue, Bitcoin ETFs at the 12th spot registered a total of $254.82 million in new investments on November 18. This marked an end to a two-day trend where approximately $770.77 million was withdrawn from these funds.
On the day with minimal activity, it was BlackRock’s IBIT that attracted the most inflows totaling $89.33 million. Remarkably, the IBIT fund managed by this investment firm now exceeds its iShares Gold Trust in terms of net assets, with a current value of $43.12 billion compared to the latter’s $32.67 billion.
On Monday, Fidelity’s FBTC and the Grayscale Bitcoin Mini Trust each brought in approximately $59.95 million and $54.39 million, making up a significant portion of the inflows. Other funds like Bitwise’s BITB, ARK 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC also saw more modest increases in their assets, amounting to $24.37 million, $13.22 million, $7.74 million, and $5.82 million respectively.
The remaining five spot Bitcoin ETFs remained neutral for the day.
Ethereum ETFs hit 3-day outflow streak
Yesterday, as an analyst, I observed that Ethereum ETFs experienced net outflows amounting to $39.08 million, marking the start of the second trading week for these products. This outflow follows a similar trend seen on Monday, making it three consecutive days of outflows. In total, over $102.19 million has left these ETFs during this period.
On November 18th, most of the funds leaving were primarily from BlackRock’s ETHA, with an amount of approximately $23.91 million departing the fund. Additionally, Grayscale’s ETHE and Ethereum Mini Trust experienced outflows totaling $13.28 million and $5.06 million respectively.
Among all Ethereum ETFs, it was just Fidelity’s FETH that experienced inflows totaling $3.17 million on that particular day, whereas the other five ETFs did not record any activity.
The differing momentum between spot Bitcoin and Ethereum ETFs comes as the global cryptocurrency market capitalization remained relatively stable, experiencing only a 0.3% drop over the past 24 hours, according to data from CoinGecko.
In the wider market trend, Bitcoin (BTC) increased by 0.9%, currently worth around $91,533. Similarly, Ethereum (ETH) saw a 0.7% growth over the previous day, with its value approximated at $3,133.
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2024-11-19 10:00