Key Points
- Ethereum spot ETFs record a historic $332.92 million daily inflow, surpassing Bitcoin ETFs.
- The inflow coincides with a surge in Ethereum’s price, outperforming Bitcoin’s minimal movement.
Ethereum (ETH) spot ETFs have achieved a historic milestone. As of November 29, they have registered a daily net inflow of $332.92 million, surpassing Bitcoin (BTC) spot ETFs’ $320.01 million. This is the first time this has occurred since the inception of these ETFs.
This significant inflow coincides with a substantial increase in Ethereum’s price, which has surged by over 3% in the last 24 hours. During the same period, Bitcoin showed only minimal movement.
Breakdown of Ethereum ETF Performance
The first Ethereum spot ETFs in the U.S. started trading on July 23. The U.S. Securities and Exchange Commission approved these ETFs, which include products from renowned financial institutions like BlackRock, Fidelity, and Grayscale. These ETFs offer investors exposure to Ethereum’s price without the need to directly hold the cryptocurrency.
BlackRock’s iShares Ethereum Trust ETF, trading on NASDAQ, emerged as the top performer, boasting a $250.39 million daily net inflow. The fund’s cumulative net inflow stands at $2.1 billion, with net assets of $2.5 billion.
Grayscale Ethereum Mini Trust, listed on NYSE, reported $3.39 million in daily inflows, contributing to its substantial cumulative net inflow of $420.15 million. The fund currently holds a 0.35% ETH share with a market price of $33.84.
Fidelity Ethereum Fund, trading on the Cboe Exchange, secured $79.44 million in daily inflows, pushing its cumulative total to $824.23 million. The fund trades at $35.88 with a 0.22% ETH share.
Bitcoin ETFs Continue to Show Strength
Despite being surpassed in daily inflows, Bitcoin spot ETFs continue to show strong performance. BlackRock’s iShares Bitcoin Trust ETF recorded a daily net inflow of $137.49 million. The fund’s cumulative net inflow has reached $31.74 billion, commanding a 2.51% BTC share.
Fidelity Wise Origin Bitcoin Fund, or FBTC, followed with $106.46 million in daily inflow, while Bitwise Bitcoin ETF, or BITB, secured $26.54 million. Grayscale Bitcoin Trust, however, showed no daily inflow, maintaining its cumulative position at -$20.52 billion.
The total value traded for Ethereum ETFs reached $313.61 million, while Bitcoin ETFs recorded a higher volume of $2.51 billion. The cumulative total net inflow stands at $573.32 million for Ethereum ETFs and $30.70 billion for Bitcoin ETFs.
The first spot Bitcoin ETF was approved and launched in Canada by Purpose Investments. It started trading on the Toronto Stock Exchange (TSX) under the ticker BTCC on February 18, 2021. This marked the world’s first-ever ETF directly holding Bitcoin.
In contrast, as of November 2024, the U.S. Securities and Exchange Commission has not yet approved a spot Bitcoin ETF. The U.S. market currently only has futures-based Bitcoin ETFs, starting with the ProShares Bitcoin Strategy ETF (BITO) in October 2021.
