After US-based bitcoin exchange-traded funds (ETFs) were approved in January 2024, the crypto public felt it was only a matter of time before other similar products got the green light. Barely six months after the BTC ETF debuted, Ethereum exchange-traded funds were also launched in the US.
While Bitcoin ETFs got off to a strong start at the beginning of the year, their Ethereum counterparts had a very shaky start after launch. However, BTC and ETH ETFs seem to have piqued the interest of US investors.
Bitcoin ETFs record 12th consecutive day of positive flows
According to the latest market data from SoSoValueUS-based Bitcoin ETFs recorded a total net inflow of $429 million on Friday, December 13. This marks the 12th consecutive day that cryptocurrency products have seen a net inflow of capital.
Not surprisingly, BlackRock’s iShares Bitcoin Trust (with ticker IBIT) was responsible for a significant portion of Friday’s capital inflow. The leading BTC exchange-traded fund added more than $393 million in value to close the week.
Fidelity’s FBTC came in second with a capital inflow of nearly $60 million, followed by Bitwise’s BITB of $33.2 million. ARKB from Ark & 21Shares and HODL from VanEck also recorded $28.41 million and $8.62 million, respectively.
Source: SoSoValue
It is worth noting that Grayscale’s GBTC was the only fund to record an outflow, with $105.76 million withdrawn on the day. However, the single-day performance of $428 million brought the weekly record for Bitcoin ETFs to $2.17 billion.
As of this writing, BTC is worth around $101,367, with no significant change over the past 24 hours. According to CoinGecko data, the leading cryptocurrency has risen by about 2% in the past week.
Ethereum ETFs Set New Record for Weekly Inflows
Meanwhile, US-based Ethereum ETFs recorded a total net inflow of $23.6 million on Friday, marking the 15th straight day of positive fund inflows. BlackRock’s Ethereum fund (with ticker ETHA) led the pack with single-day inflows of $9.5069 million.
While no Ethereum ETFs recorded an outflow on Friday, only two other products (besides BlackRock) saw capital inflows on the day. Grayscale’s ETHE and Fidelity’s FETH added $7.24 million and $6.86 million, respectively.
Interestingly, this one-day performance paled in comparison to other days in the week, with Ethereum ETFs hitting $854.85 million. However, it was enough to push crypto products to a new record high of weekly flow.
The continued influx of capital into the ETH ETF market is a testament to the growing demand for ETH, which has been reflected in the price. As of this writing, Ethereum’s price is around $3,870, reflecting a roughly 1% decline over the past 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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