Ethereum outpaces Bitcoin in daily net flows for spot ETFs

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As a seasoned crypto investor with a decade of experience under my belt, I must say that the recent surge of Ethereum spot ETFs has truly piqued my interest. Having witnessed the early days of Bitcoin’s ETF approval, it’s fascinating to see Ethereum outshine its elder sibling in terms of daily inflows.

Today, Ethereum spot ETFs made history by attracting an impressive $332.92 million in investments, overshadowing Bitcoin ETFs during a time when the value of Ethereum is rapidly increasing.

On November 29th, SoSoValue’s latest data shows that Ethereum (ETH) exchange-traded funds (ETFs) have experienced a daily net inflow of $332.92 million, marking the first instance where this exceeded Bitcoin (BTC) spot ETFs’ inflows since their inception. Specifically, Bitcoin ETFs had recorded $320.01 million in inflows for the same period.

In the past day, this event aligns with Ethereum’s price increase of more than 3%, whereas Bitcoin exhibited little change during the same timeframe.

Ethereum ETF performance breakdown

Trading of the first Ethereum ETFs in the United States commenced on July 23. These ETFs, sanctioned by the U.S. Securities and Exchange Commission, feature offerings from reputable financial entities such as BlackRock, Fidelity, and Grayscale, to name a few. With these ETFs, investors can gain access to Ethereum’s price fluctuations without the need for owning the actual cryptocurrency directly.

Here’s a look at how those ETFs are performing today:

  • BlackRock’s iShares Ethereum Trust ETF, trading on NASDAQ, emerged as the top performer. It boasts $250.39 million in daily net inflow. The fund’s cumulative net inflow stands at $2.1 billion, with net assets of $2.5 billion.
  • Grayscale Ethereum Mini Trust, listed on NYSE, recorded $3.39 million in daily inflows, contributing to its substantial cumulative net inflow of $420.15 million. The fund currently maintains a 0.35% ETH share with a market price of $33.84.
  • Fidelity Ethereum Fund, on the Cboe Exchange, secured $79.44 million in daily inflows, pushing its cumulative total to $824.23 million. The fund trades at $35.88 with a 0.22% ETH share.

Bitcoin ETFs maintain strong presence

Despite being overtaken in daily flows, Bitcoin spot ETFs demonstrate strong performance. BlackRock’s iShares Bitcoin Trust ETF recorded $137.49 million in daily net inflow. IBIT’s cumulative net inflow has reached $31.74 billion, commanding a 2.51% BTC share.

On a daily basis, the Fidelity Wise Origin Bitcoin Fund (FBTC) attracted approximately $106.46 million, whereas the Bitwise Bitcoin ETF (BITB) brought in around $26.54 million.

Significantly, the Grayscale Bitcoin Trust didn’t receive any daily investments, keeping its total value at approximately $-20.52 billion.

The total value traded for Ethereum ETFs reached $313.61 million, while Bitcoin ETFs recorded a higher volume of $2.51 billion. The cumulative total net inflow stands at $573.32 million for Ethereum ETFs and $30.70 billion for Bitcoin ETFs.

The first spot Bitcoin ETF was approved and launched in Canada by Purpose Investments. It began trading on the Toronto Stock Exchange (TSX) under the ticker BTCC on Feb. 18, 2021. This was a significant milestone, as it marked the world’s first-ever ETF directly holding Bitcoin.

As of November 2024, the U.S. Securities and Exchange Commission (SEC) hasn’t endorsed a Bitcoin ETF that trades directly on the market yet. Currently, the U.S. market is only offering futures-based Bitcoin ETFs, with the ProShares Bitcoin Strategy ETF (BITO) being the first one launched in October 2021.

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2024-11-30 15:30