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.
Bitcoin ETFs Record 12th Straight Day Of Positive Inflows
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It is worth mentioning that Grayscale’s GBTC was the only fund that recorded an outflow, with $105.76 million withdrawn on the day.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.
Ethereum ETFs Set New Weekly Inflow Record
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