In a significant turn of events in the
cryptocurrency exchange-traded fund (ETF) space, Ethereum has outpaced Bitcoin in terms of daily net flows for spot ETFs. As of November 29, Ethereum spot ETFs witnessed a remarkable $332.92 million in daily net inflows, surpassing Bitcoin spot ETFs’ $320.01 million for the first time since their inception.
This milestone coincides with Ethereum’s price surge of over 3% in the last 24 hours, while Bitcoin showed minimal movement during the same period. The growing interest in Ethereum spot ETFs indicates a shift in investor sentiment and a recognition of Ethereum’s potential within the investment landscape.
The first spot Ethereum ETFs in the U.S. started trading on July 23 and have since been attracting significant attention. These ETFs, which received approval from the U.S. Securities and Exchange Commission (SEC), are offered by well-known financial institutions.
BlackRock’s iShares Ethereum Trust ETF: Trading on NASDAQ, it has emerged as the top performer with a daily net inflow of $250.39 million. Its cumulative net inflow stands at an impressive $2.1 billion, and it has net assets worth $2.5 billion.
Grayscale Ethereum Mini Trust: Listed on the NYSE, it recorded $3.39 million in daily inflows. It has a substantial cumulative net inflow of $420.15 million and currently maintains a 0.35% ETH share with a market price of $33.84.
Fidelity Ethereum Fund: On the Cboe Exchange, it secured $79.44 million in daily inflows, pushing its cumulative total to $824.23 million. It trades at $35.88 with a 0.22% ETH share.
Even though Bitcoin spot ETFs were overtaken by Ethereum in terms of daily net inflows, they still maintain a strong presence in the market.
BlackRock’s iShares Bitcoin Trust ETF: Recorded $137.49 million in daily net inflow. Its cumulative net inflow has reached $31.74 billion, commanding a 2.51% BTC share.
Fidelity Wise Origin Bitcoin Fund (FBTC): Followed with $106.46 million in daily inflow.
Bitwise Bitcoin ETF (BITB): Secured $26.54 million in daily inflow.
However, it’s notable that Grayscale Bitcoin Trust showed no daily inflow and maintains its cumulative position at -$20.52 billion.
In terms of trading volume, Bitcoin ETFs recorded a higher volume of $2.51 billion compared to Ethereum ETFs’ $313.61 million. Cumulatively, the total net inflow for Ethereum ETFs stands at $573.32 million, while for Bitcoin ETFs, it is $30.70 billion.
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 February 18, 2021. In the U.S., though, as of November 2024, the SEC has not yet approved a spot Bitcoin ETF. The U.S. market currently only has futures-based Bitcoin ETFs, which started with the ProShares Bitcoin Strategy ETF (BITO) in October 2021.
Overall, the recent performance of Ethereum and Bitcoin spot ETFs showcases the dynamic nature of the
cryptocurrency investment space. Ethereum’s growing prominence in the ETF arena could potentially lead to further shifts in investment trends and strategies as investors weigh the opportunities and risks associated with both digital assets.
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