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US Bitcoin and Ethereum ETFs see record $7.6B inflows in November

US Bitcoin and Ethereum ETFs see record $7.6B inflows in November

Grafa2024/12/03 06:40
By: Isaac Francis
BTC+0.44%ETH-0.62%GBTC0.00%

Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) exchange-traded funds (ETFs) have experienced significant inflows in November, marking a new milestone in the crypto market.

According to data from SoSoValue and CoinGlass, U.S. spot Bitcoin and Ethereum ETFs saw over $7.54 billion in net inflows, setting a record for the market.

This represents a notable increase from February’s $6.03 billion, with Bitcoin ETFs leading the way.

Ethereum ETFs, which began trading in July, are also gaining traction. Between November 25 and November 29, Ethereum ETFs saw a net inflow of $467 million, with BlackRock’s ETHA fund accounting for $300 million of this amount.

Bitcoin spot ETFs brought in $320 million during the same period, while Ethereum ETFs received slightly more at $332 million.

However, Ethereum’s net assets still lag behind Bitcoin’s, with Ethereum ETFs managing around $11 billion, while Bitcoin ETFs boast over $105 billion in net assets.

In terms of price performance, Ethereum outpaced Bitcoin during the final week of November, rising by 15%, while Bitcoin experienced a modest 1.7% decline.

Despite this, Ethereum would need to increase by 4.61 times its current price to match Bitcoin's total addressable market cap of $2 trillion, according to a supply-side comparison.

Bitcoin ETFs continue to dominate the market, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the pack, having accumulated $48 billion in market cap flows since its launch.

Grayscale’s Bitcoin ETF (GBTC) and Fidelity’s Bitcoin ETF (FBTC) follow closely with $20.9 billion and $19 billion, respectively.

Despite Bitcoin nearing the $96,000 mark, analysts highlight resistance at $100,000 and note a shift in capital toward altcoins, driven by increased liquidity.

At the time of reporting, the Bitcoin (BTC) price was $95,617.45, and the Ethereum (ETH) price was $3,634.22.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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