Following the approval of the US-based spot Bitcoin exchange-traded funds (ETFs) in January 2024, the crypto crowd felt it was only a matter of time before other similar products received the green light. Barely six months after the BTC ETF trading debuted, the Ethereum exchange-traded funds were also launched in the United States.
While the Bitcoin ETFs got off to a strong start at the beginning of the year, their Ethereum counterparts had quite a shaky beginning after launch. However, it appears that both the BTC and the ETH exchange-traded funds have piqued the interest of investors in the United States.
According to the latest market data from SoSoValue, the US-based spot Bitcoin ETFs registered a total net inflow of $429 million on Friday, December 13. This marked the 12th consecutive day the crypto products have experienced a net capital inflow.
Unsurprisingly, BlackRock’s iShares Bitcoin Trust (with the ticker IBIT) was responsible for a significant portion of Friday’s capital influx. The leading BTC exchange-traded fund added more than $393 million in value to close the week.
Fidelity’s FBTC came in second with nearly $60 million capital inflow, followed by Bitwise’s BITB $33.2 million influx. Ark & 21Shares’ ARKB and VanEck’s HODL also registered $28.41 and $8.62 million, respectively.
Source: SoSoValue
It is worth mentioning that Grayscale’s GBTC was the only fund that recorded an outflow, with $105.76 million withdrawn on the day. Nevertheless, the $428 million single-day performance brought the Bitcoin ETFs’ weekly record to $2.17 billion.
As of this writing, BTC is valued at around $101,367, with no significant change in the last 24 hours. According to CoinGecko data, the premier cryptocurrency is up by about 2% in the past week.
Meanwhile, the US-based spot Ethereum ETFs recorded a total net influx of $23.6 million on Friday, representing the funds’ 15th straight day of positive inflows. BlackRock’s Ethereum Fund (with the ticker ETHA) led the pack with a single-day inflow of $9.5069 million.
While none of the Ethereum exchange-traded funds registered an outflow on Friday, only two other products (besides BlackRock’s) 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 performance paled in comparison to other days in the week, where the Ethereum ETFs recorded $854.85 million. However, it was enough to push the crypto products to a new weekly inflow record.
The continuous influx of capital into the Ethereum ETF market is a testament to the growing ETH demand, which has been reflected in the price. As of this writing, the price of Ethereum stands at around $3,870, reflecting an almost 1% decline in the past 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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