Key Points
- Bitcoin ETFs in the US see a surge in inflows, reaching $1 billion on November 21.
- Ethereum ETFs experience a significant decrease in net outflows, recording $9.05 million on the same day.
On November 21, spot Bitcoin exchange-traded funds (ETFs) in the US experienced a significant increase in inflows as Bitcoin nears the $100K mark.
Data from SoSoValue reveals that the 12 spot Bitcoin ETFs logged $1 billion in inflows on that day, extending a four-day inflow streak, which resulted in over $2.8 billion in total inflows.
Leading Bitcoin ETFs
The inflows seen on November 21 were the highest in the last eight trading days, surpassing the $1.11 billion recorded on November 11.
BlackRock’s IBIT led the inflows for the second day in a row on Thursday, with $608.41 million entering the fund. Since its launch, BlackRock has already recorded a cumulative net inflow of $30 billion.
Fidelity’s FBTC and Bitwise’s BITB also made significant contributions, with inflows of $300.95 million and $68 million, respectively. ARK and 21Shares’ ARKB, Grayscale Bitcoin Mini Trust, Franklin Templeton’s EZBC, and VanEck’s HODL also reported net positive flows.
Grayscale’s GBTC was the only ETF to report outflows on the day, with a total of $7.81 million. The remaining Bitcoin ETFs reported zero flows for the day.
The total trading volume for these ETFs stood at $7.1 billion, significantly higher than the $5.09 billion recorded the previous day. BlackRock’s IBIT alone saw a massive $5.22 billion in trading volume.
Bitcoin’s New Milestone
The significant inflows recorded on Thursday came as Bitcoin surpassed $99,000, setting an all-time high of $99,261—just $3,740 short of crossing the $100,000 price barrier. Analysts predict that Bitcoin will reach this major milestone within the week, driving more investor attention toward Bitcoin ETFs.
Kadan Stadelmann, chief technology officer at Komodo Platform, noted that recent net Bitcoin ETF inflows have significantly exceeded Bitcoin’s supply issuance, highlighting its unique inelasticity.
Ethereum ETFs
Meanwhile, the nine spot Ethereum ETFs saw a significant drop in net outflows, with $9.05 million in outflows recorded on Nov. 21, compared to $33.47 million the previous trading day.
Most of the outflows came from Grayscale’s ETHE, which saw $27.08 million exit the funds. These outflows were partially offset by inflows into Fidelity’s FETH, Bitwise’s ETHW, and VanEck’s ETHV.
At the time of reporting, Bitcoin (BTC) was up 1.8% in the last 24 hours, trading at $98,945. Ethereum (ETH) saw much higher gains of 8.1%, exchanging hands at approximately $3,369.