Ethereum Outpaces Bitcoin in Daily Net Flows for Spot ETFs: A Historic Milestone
The cryptocurrency market has witnessed a significant shift in investor sentiment, with Ethereum spot ETFs outpacing their Bitcoin counterparts in daily net flows. As of November 29, Ethereum spot ETFs recorded a staggering $332.92 million in daily net inflows, surpassing Bitcoin spot ETFs’ $320.01 million for the first time since inception. This development coincides with Ethereum’s price surge of over 3% in the last 24 hours, while Bitcoin showed minimal movement during the same period.
ETHEREUM ETF PERFORMANCE BREAKDOWN
The first spot Ethereum ETFs in the U.S. began trading on July 23, 2023, approved by the U.S. Securities and Exchange Commission. These ETFs provide investors exposure to Ethereum’s price without needing to directly hold the cryptocurrency. The top performers include:
- BlackRock’s iShares Ethereum Trust ETF: With $250.39 million in daily net inflow, this ETF boasts a cumulative net inflow of $2.1 billion and net assets of $2.5 billion.
- Grayscale Ethereum Mini Trust: Recording $3.39 million in daily inflows, this fund contributes to its substantial cumulative net inflow of $420.15 million, with a 0.35% ETH share and a market price of $33.84.
- Fidelity Ethereum Fund: Securing $79.44 million in daily inflows, this fund pushes its cumulative total to $824.23 million, trading 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. Notable performers include:
- BlackRock’s iShares Bitcoin Trust ETF: Recording $137.49 million in daily net inflow, this ETF has a cumulative net inflow of $31.74 billion, commanding a 2.51% BTC share.
- Fidelity Wise Origin Bitcoin Fund (FBTC): Following with $106.46 million in daily inflow, while Bitwise Bitcoin ETF (BITB) secured $26.54 million.
TOTAL VALUE TRADED AND CUMULATIVE NET INFLOW
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.
This historic milestone marks a significant shift in investor sentiment, with Ethereum spot ETFs outpacing their Bitcoin counterparts. As the cryptocurrency market continues to evolve, it will be interesting to see how this trend develops in the coming weeks and months.
Predictions:
Based on the analysis, we can predict the following:
- Ethereum spot ETFs will continue to attract significant investor attention: With the recent surge in price and the historic milestone of outpacing Bitcoin spot ETFs, Ethereum spot ETFs are likely to continue attracting significant investor attention.
- Bitcoin spot ETFs will maintain strong performance: Despite being overtaken in daily flows, Bitcoin spot ETFs have demonstrated strong performance and are likely to maintain their position as a popular investment option.
- The SEC approval of a spot Bitcoin ETF in the U.S. will be a significant event: The SEC’s approval of a spot Bitcoin ETF in the U.S. will be a significant event, and it will likely lead to increased investor interest in Bitcoin spot ETFs.
Key Takeaways:
- Ethereum spot ETFs have outpaced Bitcoin spot ETFs in daily net flows for the first time since inception.
- The top performers include BlackRock’s iShares Ethereum Trust ETF, Grayscale Ethereum Mini Trust, and Fidelity Ethereum Fund.
- Bitcoin spot ETFs have demonstrated strong performance, with notable performers including BlackRock’s iShares Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund.
- The cumulative total net inflow stands at $573.32 million for Ethereum ETFs and $30.70 billion for Bitcoin ETFs.
