Following the approval of US-based bitcoin exchange-traded funds (ETFs) in January 2024, the crypto community felt it was only a matter of time before other similar products received the green light. Just six months after the debut of btc ETF trading, ethereum exchange-traded funds have also launched in the United States.
While bitcoin ETFs got off to a strong start at the beginning of the year, their ethereum counterparts got off to a rather shaky start after their launch. However, it appears that both btc and eth exchange-traded funds have sparked investor interest in the United States.
bitcoin ETFs record 12th consecutive day of positive inflows
According to the latest market data <a target="_blank" href="https://sosovalue.com/assets/etf/us-btc-spot” target=”_blank” rel=”noopener nofollow”>SoSoValueUS-based spot bitcoin ETFs recorded a total net inflow of $429 million on Friday, December 13. This marked the 12th consecutive day that crypto products experienced a net inflow of capital.
As expected, BlackRock's iShares bitcoin Trust (ticker IBIT) was responsible for a significant portion of Friday's capital inflow. The leading btc exchange-traded fund added more than $393 million in value to close the week.
Fidelity's FBTC came in second with a capital inflow of nearly $60 million, followed by Bitwise's BITB's $33.2 million inflow. Ark & 21Shares' ARKB and VanEck's HODL also recorded $28.41 and $8.62 million, respectively.
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Source: SoSoValue
It's worth mentioning that Grayscale's GBTC was the only fund to record an outflow, with $105.76 million withdrawn that day. However, the single-day return of $428 million pushed the weekly record for bitcoin ETFs to $2.17 billion.
At the time of writing, btc is valued at around $101,367, with no significant changes in the last 24 hours. According to data from CoinGecko, the leading cryptocurrency rose by approximately 2% last week.
ethereum ETFs Set New Weekly Inflow Record
Meanwhile, US-based ethereum spot ETFs recorded a total net inflow of $23.6 million on Friday, marking the 15th consecutive day of positive inflows for the funds. BlackRock's ethereum Fund (ticker ETHA) led the pack with a single-day inflow of $9.5069 million.
While none of the ethereum exchange-traded funds saw a capital outflow on Friday, only two other products (besides BlackRock's) experienced capital inflows that 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 of the week, where ethereum ETFs recorded $854.85 million. However, it was enough to push crypto products to a new weekly inflow record.
The continued influx of capital into the ethereum ETF market is a testament to the growing demand for eth, which has been reflected in the price. At the time of writing, the price of ethereum is around $3,870, reflecting a drop of almost 1% in the last 24 hours.
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The price of eth on the daily timeframe | Source: ETHUSDT chart on x/owNHfmsT/" target="_blank" rel="noopener nofollow">TradingView
Featured image from iStock, chart from TradingView
