Bitcoin exchange-traded funds (ETFs) have seen a strong start to the week, with net inflows of $254.82 million on November 18, marking a sharp rebound after a two-day streak of outflows that had drained $770.77 million from the funds. In contrast, Ethereum ETFs faced a different trajectory, registering $39.08 million in net outflows, continuing a three-day retreat that has seen over $102 million exit these funds.
Leading the charge in Bitcoin ETF inflows was BlackRock’s IBIT, which attracted $89.33 million, followed by Fidelity’s FBTC and Grayscale Bitcoin Mini Trust, with $59.95 million and $54.39 million in inflows, respectively. Other notable Bitcoin ETFs, including Bitwise’s BITB and ARK 21Shares’ ARKB, saw smaller, though positive, inflows of $24.37 million and $13.22 million, respectively. VanEck’s HODL and Grayscale’s GBTC also recorded modest gains.
BlackRock’s IBIT fund, which holds $43.12 billion in assets, now exceeds the net assets of the iShares Gold Trust, which holds $32.67 billion, underscoring its dominance in the market.
On the other hand, Ethereum ETFs have not shared the same momentum. The majority of outflows on November 18 came from BlackRock’s ETHA, which saw $23.91 million exit the fund. Grayscale’s ETHE and Ethereum Mini Trust also experienced losses of $13.28 million and $5.06 million, respectively. The sole exception among Ethereum ETFs was Fidelity’s FETH, which reported a small inflow of $3.17 million.
While the broader cryptocurrency market remained relatively stable, with a minor 0.3% drop in overall market capitalization, Bitcoin saw a 0.9% rise to $91,533, while Ethereum edged up by 0.7% to $3,133.
This divergence in ETF performance highlights the contrasting investor sentiment towards Bitcoin and Ethereum, as the market consolidates amidst broader economic uncertainty.
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