Following the approval of the US spot Bitcoin Exchange Traded Fund (ETF) in January 2024, the cryptocurrency community felt it was only a matter of time before other similar products received the green lightweight. Just six months after the debut of BTC ETF trading, Ethereum funds have also launched in the United States.
While Bitcoin ETFs got off to a mighty start at the start of the year, their Ethereum counterparts had a somewhat shaky start after launch. However, it appears that both BTC and ETH exchange-traded funds have attracted interest from investors in the United States.
Bitcoin ETFs record 12th consecutive day of positive inflows
According to the latest market data from SoSoValueU.S. spot Bitcoin ETFs reported total net inflows of $429 million on Friday, December 13. This marked the 12th consecutive day that crypto products saw net capital inflows.
Not surprisingly, BlackRock’s iShares Bitcoin Trust (ticker IBIT) was responsible for much of Friday’s capital inflow. The leading BTC exchange-traded fund added over $393 million in value at the end of the week.
Second place was taken by FBTC Fidelity with a capital inflow of almost USD 60 million, followed by BITB Bitwise with an inflow of USD 33.2 million. Ark & 21Shares’ ARKB and VanEck’s HODL also posted $28.41 million and $8.62 million, respectively.
Source: SoSoValue
It’s worth mentioning that Grayscale’s GBTC was the only fund to see an outflow, with $105.76 million paid out that day. Nevertheless, the one-day gain of $428 million brought the weekly record for Bitcoin ETFs to $2.17 billion.
As of this writing, BTC is trading at around $101,367, with no significant changes in the last 24 hours. According to CoinGecko data, the most significant cryptocurrency increased by about 2% last week.
Ethereum ETFs Set Up-to-date Weekly Inflow Record
Meanwhile, US Ethereum spot ETFs recorded total net inflows of $23.6 million on Friday, marking the 15th consecutive day of positive fund inflows. BlackRock’s Ethereum Fund (with the ticker ETHA) led the way with a one-day inflow of $9.5069 million.
While none of the Ethereum funds experienced capital outflows on Friday, only two other products (apart from 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 single-day result paled in comparison to other days of the week, where Ethereum ETFs recorded $854.85 million. However, this was enough for cryptocurrency products to reach a recent weekly inflow record.
The continued inflow of capital into the Ethereum ETF market is a testament to the growing demand for ETH, which has been reflected in the price. At the time of writing, Ethereum is trading at around $3,870, reflecting an almost 1% decline in the last 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
