Bitcoin and Ethereum ETFs See Strong Inflows as BTC Price Hits $93,400
Mustafa Mulla18 Nov 20241 min read
Bitcoin ETFs saw a huge boost with $1.67 billion in new investments last week, bringing total assets to $95.4 billion. Spot Bitcoin exchange-traded funds (ETFs) maintained their strong momentum, marking another successful week as Bitcoin surged to a new all-time high of $93,400. Meanwhile, Ethereum spot ETFs saw their highest inflows in recent weeks, reflecting growing investor interest.
Bitcoin ETFs Hit New Heights
In the second week of November, Bitcoin’s spot ETFs saw a remarkable $1.67 billion in new investments. This marks the sixth consecutive week of positive inflows, bringing total assets under management (AUM) in Bitcoin ETFs to $95.4 billion.
Meanwhile, this accounts for 5.27% of Bitcoin’s total market value, which stands at $1.8 trillion. Bitcoin’s price surge, reaching an all-time high of $93,400, has been a key driver of these inflows.
BlackRock’s iShares Bitcoin Trust (IBIT) stands out with $29.3 billion in total inflows, making it the leader in the Bitcoin ETF space. On the other hand, Grayscale’s Bitcoin Trust ETF has seen $20.3 billion in outflows since the introduction of spot Bitcoin ETFs.
Ethereum ETFs Gaining Momentum
Ethereum spot ETFs have also seen strong growth. Last week, they recorded $515 million in inflows, marking the third consecutive week of positive growth. This has brought the total net assets of Ethereum spot ETFs to $9.15 billion, an $880 million increase from the previous week.
Despite the growing interest in Ethereum-backed ETFs, Ethereum’s price has only risen slightly, now trading around $3,115. This contrasts with Bitcoin’s impressive price rally, suggesting that while Ethereum ETFs are gaining popularity, the price of Ethereum itself has yet to experience a similar surge.
