The 11 Bitcoin ETFs in the United States are experiencing strong demand from investors following the presidential elections, with another week of multi-billion dollar net inflows. This time, the same can be said for Ethereum ETFs, which are finally emerging as attractive investment tools.
BTC ETF Inflows Soar
The previous business week – the last of November – was somewhat shaky as BTC-based financial vehicles were in the red on Monday and Tuesday, with outflows of $435.5 million and $122.8 million, respectively. The week ended with more withdrawals, as Thursday was a national holiday. However, the trend changed in the past week.
On Monday, $353.6 million entered the funds, with BlackRock leading the pack once again. On Tuesday, $676 million followed, $556.8 million on Wednesday, $766.7 million on Thursday, and $376.6 million on Friday. As a result, the total net inflows for the five-day trading period stood at $2.7297 billion.
What’s particularly intriguing about this week is that almost all of those net inflows went into BlackRock’s IBIT. The world’s largest Bitcoin ETF, which made more history this week, attracted over $2.6 billion out of the total.
Nate Geraci, ETF Store’s president, highlighted IBIT’s dominance:
“ETFs holding more BTC than Satoshi is antithetical to BTC’s ethos”… Imagine a world where investors will be able to take delivery of BTC via IBIT shares they own (i.e. they can exchange IBIT for BTC). It’s coming and will simply be the next step down the path towards full tokenization.
These impressive numbers also impacted the underlying asset’s price movements. BTC skyrocketed past $100,000 for the first time ever on Thursday and charted a new all-time high of over $100,350.
ETH ETF Demand Is Finally Here
The spot Ethereum ETFs initially struggled to attract any actual demand, but the landscape has changed completely in the past two weeks, with $1.4 billion entering the funds within that timeframe.
The record-setting day was on Thursday, with $428.5 million. On Monday, $24.2 million entered the funds, $132.6 million on Tuesday, $167.7 million on Wednesday, and $83.8 million on Friday, making the total for the week $836.8 million – the best since the funds’ inception in July.
ETH’s price has also skyrocketed in the past several days, surging past $4,000 on Friday evening for the first time since March of this year. ETH is up by 8% since last Sunday.
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