Key Points
- U.S. Spot Bitcoin ETFs have experienced a significant inflow, surpassing $1 billion twice in November.
- Ethereum ETFs have also seen record inflows, driven by regulatory clarity and potential for staked Ether ETFs.
Bitcoin ETFs in the U.S. have seen a continuous inflow, recording over $1 billion twice in November.
Since the beginning of the month, Bitcoin ETFs have received a total of $4.96 billion, as per data from SoSoValue. The recent increase in demand was triggered by market-wide optimism following the U.S. elections.
Leading Bitcoin ETFs
BlackRock’s IBIT led the market on Monday, with $756.4 million in new investments. It also set a record with $4.5 billion in daily trading volume.
Out of 12 offerings, only four did not record any inflows on the day. Other Bitcoin ETFs that contributed to the total net inflows of $1.11 billion included Fidelity’s FBTC, ARK and 21Shares’ ARKB, Bitwise’s BITB, and Grayscale’s Bitcoin Mini Trust.
As of Monday’s close, the cumulative net inflows across all U.S. Bitcoin ETFs reached a record high of $26.90 billion since their respective launches.
Bitcoin and Ethereum Surge
Bitcoin (BTC) surged past $80,000 for the first time over the weekend, reaching a new all-time high of $89,864 on Nov. 12.
Jesse Myers, co-founder of Onramp Bitcoin, attributes Bitcoin’s recent price surge primarily to a post-halving supply shock, as reduced new supply fails to meet growing demand. The scarcity effect, intensified by Bitcoin ETFs, is pushing prices higher to restore market equilibrium.
Meanwhile, Ethereum (ETH) has also seen a significant rise, jumping over 38% in the past week. Institutional players are now focusing on Ethereum ETFs, driven by hopes for regulatory clarity and the potential for staked Ether ETFs.
Spot Ether ETFs drew in a record $295 million, surpassing the $106.78 million reached in July when the offering first started trading. Fidelity’s FETH led with $115.5 million in inflows, followed by BlackRock’s ETHA.
At the time of writing, Ethereum was up 7.1% in the past 24 hours, trading at $3,366, while Bitcoin rose 9.6% on the day, priced at $89,003 per coin.