Record-Breaking Inflows into Bitcoin Spot ETFs Highlight Dominance Over Ethereum

• Recent data reveals significant movements in spot Bitcoin exchange-traded funds (ETFs) in the United States.
• This shift comes amid robust inflows witnessed across various spot Bitcoin ETFs.
• BlackRock’s IBIT fund alone recorded a remarkable $157.6 million inflow on Thursday.

Understand the latest surge in spot Bitcoin ETFs and its potential implications on the crypto market.

Notable Surge in Spot Bitcoin ETF Inflows

On Thursday, the U.S. spot Bitcoin ETFs saw an impressive positive flow of $192.56 million, according to data from SoSoValue. BlackRock’s IBIT led the charge, attracting a substantial $157.6 million of the inflows. WisdomTree’s BTCW also impressed with an inflow of $118.52 million, marking its highest single-day intake, which significantly surpassed its previous record set on Wednesday.

Performance of Other Major ETFs

Following closely were Fidelity’s FBTC with $65.25 million and Ark Invest along with 21Shares’ ARKB ETF, which saw inflows of $32.79 million. VanEck’s HODL reported net inflows amounting to $3.38 million. In contrast, Grayscale’s converted GBTC fund experienced substantial net outflows, recording a decrease of $182.94 million on Thursday. Furthermore, Hashdex’s spot Bitcoin fund noted a minimal outflow of $2.03 million.

Trading Volume and Market Impact

The total trading volume for spot Bitcoin ETFs reached $2 billion on Thursday, showing an increase from $1.79 billion on Wednesday. Since their market introduction in January, these 12 funds have collectively garnered net inflows of $17.43 billion, underscoring their growing significance and investor confidence in the crypto market.

Outflows in Spot Ethereum ETFs

On the same day, spot Ethereum ETFs exhibited mixed performance with a slight net outflow of $2.87 million. BlackRock’s ETHA ETF reported a net inflow of $11.74 million, while Grayscale’s minor trust and Bitwise’s ether fund recorded inflows of $5 million and $2.78 million, respectively. These positive changes were counterbalanced by significant outflows from Grayscale’s ETHE, totaling $19.83 million, and Fidelity’s Ethereum ETF, which saw $2.58 million in outflows.

Conclusion

The recent movements in the cryptocurrency ETF space highlight critical trends and investor behavior. The noteworthy inflows into Bitcoin ETFs contrast with the outflows in Ethereum ETFs, potentially signaling shifting investor preferences within the crypto market. As always, investors should engage in thorough research and exercise due diligence when navigating such dynamic financial landscapes.