Key Points
- Spot Bitcoin ETFs in the U.S. saw lower inflows than Ethereum ETFs in the last four trading days.
- Despite the recent slowdown, Bitcoin ETFs have had a record-breaking month with over $6.2 billion in net inflows.
In recent trading days, from November 22 to the day prior to Thanksgiving, spot Bitcoin exchange-traded funds (ETFs) in the U.S. have seen significantly lower inflows compared to Ethereum ETFs.
Data from SoSoValue reveals that the 12 spot Bitcoin ETFs recorded $32.2 million in inflows during this period. This is a stark contrast to the $224.8 million inflows recorded by the nine spot Ethereum ETFs over the same timeframe.
Trading Trends and Influences
This intriguing trend has coincided with a 2.7% drop in Bitcoin’s price over the last week, while Ether’s price experienced a 5.3% rally. Depending on how trading unfolds on November 29, U.S. Ether funds could potentially surpass spot Bitcoin ETFs in weekly net inflows for the first time.
However, despite the recent slowdown in inflows, spot Bitcoin ETFs have still had a record-breaking month. Market commentator Nate Geraci noted that these funds have seen over $6.2 billion in net inflows for November, surpassing the previous record of $6.2 billion set in February.
The highest inflow week for BTC ETFs was recorded between November 18-22, when the ETFs saw $3.38 billion in inflows. This helped push Bitcoin towards its all-time high of $99,645 towards the end of last week.
Ethereum’s Rising Popularity
The recent surge in inflows into Ether ETFs may be linked to Ethereum’s price rally. This could have been influenced by a partial victory for crypto privacy mixer Tornado Cash in U.S. courts.
Investor interest in Ethereum may have also increased following reports that former SEC commissioner and crypto advocate Paul Atkins is the leading candidate to replace Gary Gensler as SEC Chair. This development has raised expectations of a more favorable regulatory environment for the DeFi space under a potential Donald Trump-led U.S. administration.
At the time of reporting, Bitcoin was up 0.6% in the last 24 hours, trading at $96,279. Meanwhile, Ethereum was down 0.9%, trading at $3,570 per coin.
