Key Points
- BlackRock’s IBIT fund experiences continued strong inflows while other ETFs slow down as Bitcoin’s value drops.
- Ethereum ETFs also record consistent inflows, with BlackRock’s ETHA leading the pack.
BlackRock’s IBIT fund has seen a steady inflow for four straight days, receiving $778.2 million on November 12, even as Bitcoin’s value fell below $86,000. Other ETFs experienced a slowdown during this period.
Bitcoin ETFs See Inflows Despite Market Fluctuations
Data gathered by SoSoValue shows that the 12 Bitcoin ETFs recorded net inflows of $817.54 million on Tuesday. This marks a five-day streak of inflows, bringing the total to over $4.2 billion. This uptick in investment seems to be primarily driven by market optimism after Donald Trump’s re-election in the United States, which positively influenced investor sentiment in the cryptocurrency space.
Leading the inflow was BlackRock’s IBIT fund with $778.27 million, raising its cumulative net inflows to a record $28.92 billion since its inception. The fund’s consistent inflow pattern underscores its appeal as a popular Bitcoin ETF option, despite other Bitcoin ETFs reporting more modest gains or even outflows in some cases.
Fidelity’s FBTC, Grayscale Bitcoin Mini Trust, and VanEck’s HODL also saw inflows, albeit smaller, with $37.2 million, $15.08 million, and $10.13 million, respectively.
Shifts in the Market
On the flip side, Grayscale’s flagship GBTC and ARK 21Shares’ ARKB saw net outflows of $17.79 million and $5.36 million on the same day. This represents a significant change from the previous day, which had seen positive flows across all 12 Bitcoin ETFs, along with record-high daily trading volumes of $7.31 billion.
These shifts suggest market participants are adjusting to recent price changes, as Bitcoin’s value dropped more than 5% from a high of $89,900 to around $85,500 on Tuesday.
Bloomberg analyst Eric Balchunas praised the Bitcoin ETFs’ performance, pointing out that the total assets under management for Bitcoin ETFs have exceeded $90 billion. This puts them at 72% of the asset levels of gold ETFs.
At the time of writing, Bitcoin had slightly recovered from the day’s earlier decline, trading at approximately $86,917, down 1.7% over the 24-hour period.
Ethereum ETFs Also See Inflows
In line with Bitcoin ETF activity, spot Ethereum ETFs have also seen sustained inflows, with net additions totaling $131.92 million on November 12. This marks the fifth consecutive day of net inflows for Ethereum funds, which have accumulated $649 million within the past week.
November 11 saw a record single-day inflow of $295.48 million for spot Ethereum ETFs.
BlackRock’s ETHA led the Ethereum ETFs, recording $131.45 million in inflows on Tuesday, closely followed by Bitwise’s ETHW, which attracted $16.98 million.
Other Ethereum ETFs, including Grayscale’s Ethereum Mini Trust, VanEck’s ETHV, and 21Shares’ CETH, received $12.71 million, $6.02 million, and $1.97 million in inflows, respectively. However, Grayscale’s ETHE recorded net outflows of $33.21 million, tempering the overall Ethereum ETF inflows.
According to the most recent data, Ethereum’s price had decreased by 5.4% over the past 24 hours, trading at $3,151.
