Spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States have shown contrasting trends as the overall cryptocurrency market goes through a period of consolidation.
On November 18, data from SoSoValue revealed that spot Bitcoin ETFs saw a significant increase in net inflows, totaling $254.82 million. This surge marked a turnaround from the previous two days, where $770.77 million had exited the funds. Leading the pack was BlackRock’s IBIT, with $89.33 million in inflows. The fund, which holds $43.12 billion in net assets, has now surpassed BlackRock’s iShares Gold Trust, which has $32.67 billion in assets. Other contributors to the inflows included Fidelity’s FBTC and Grayscale Bitcoin Mini Trust, bringing in $59.95 million and $54.39 million, respectively. Additionally, Bitwise’s BITB, ARK 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC funds also saw more modest inflows ranging from $5.82 million to $24.37 million. The remaining Bitcoin ETFs remained stable with no significant activity.
In contrast, spot Ethereum ETFs experienced a three-day outflow streak, with $39.08 million exiting the funds on November 18. The outflows were led by BlackRock’s ETHA, which saw $23.91 million leave the fund. Grayscale’s ETHE and Ethereum Mini Trust also recorded outflows of $13.28 million and $5.06 million, respectively. The only exception was Fidelity’s FETH, which reported inflows of $3.17 million, while the other five Ethereum ETFs showed no activity.
The divergence in momentum between Bitcoin and Ethereum ETFs coincided with a relatively stable global cryptocurrency market capitalization, which only experienced a 0.3% decrease over the past 24 hours according to CoinGecko. At the time of reporting, Bitcoin (BTC) was trading at $91,533, reflecting a 0.9% increase, while Ethereum (ETH) was valued at around $3,133 after a 0.7% rise.
The fluctuating trends in Bitcoin and Ethereum ETFs highlight the ongoing volatility in the cryptocurrency market, with investors closely monitoring the performance of these digital assets. As the market continues to evolve, it will be interesting to see how these ETFs adapt to changing conditions and investor sentiment.
