Tag: ETF

United States spot ETH exchange-traded funds (ETFs) recently witnessed a significant rise in investment, hitting a new record for weekly inflows.

According to data from on-chain aggregator SoSoValue, these funds recorded approximately over $515 million from November 9 to November 15, marking their highest-ever weekly inflows while achieving a three-week streak of positive inflows for the first time.

On November 11 alone, spot ETH ETFs recorded $295 million as their largest single-day inflow.

Spot Ether ETFs have gained significant traction since their launch. They offer investors direct exposure to Ethereum’s price performance without managing private keys or wallets. The latest inflows suggest a turning point for the asset, which signals wide mainstream acceptance.

Blackrock Leads Weekly Inflows

BlackRock’s Ethereum ETF (ETHA) dominated the market, drawing $287.06 million in weekly inflows, which pushed its total net inflows to $1.72 billion and increased its net assets to $1.8 billion.

Since mid-September, BlackRock has expanded its assets under management (AUM) by about 224,000 ETH, growing its holdings from 343,000 ETH on September 17 to approximately 567,000 ETH, with an estimated value of $1.8 billion as of November 15.

While BlackRock’s ETHA led the weekly inflow, Fidelity’s FETH also delivered impressive results, attracting $197.75 million in inflows and boosting its total net assets to $764.68 million. Other prominent ETFs also saw notable activity, with Grayscale’s Mini-ETF (ETH) and Bitwise’s ETHW bringing in $78.19 million and $45.54 million, respectively. Meanwhile, VanEck’s ETHV, Invesco’s QETH, and 21Shares’ CETH experienced smaller but consistent inflows.

In contrast, Grayscale’s ETHE experienced outflows of $101.02 million but retained its position as the largest Ethereum ETF, hitting $4.74 billion in assets under management (AUM).

Ether’s Growth Drives Institutional Investment

Interest in Ether ETFs has increased following Donald Trump’s recent victory as the president of the U.S. The increasing value of Ether, coupled with rising institutional interest, has also driven significant investment activity.

In line with interest in ETH ETFs, the state of Michigan recently added Grayscale’s Ethereum ETF to its portfolio. The investment made the state the first to invest in the product since its launch.

Michigan’s pension holds a considerable investment portfolio in Ethereum ETFs, consisting of 460,000 shares of the Grayscale Ethereum Trust (ETHE), valued at approximately $10 million, and an additional 460,000 shares of the Grayscale Ethereum Mini Trust ETF (ETH), currently valued at $1.1 million. This substantial holding brings the agency’s total investment in ETH ETFs to over $11 million, surpassing its $7 million investment in Bitcoin ETFs.

Starting the new business week on Monday, the United States-approved spot Bitcoin exchange-traded funds (ETF) inflowed about $479.4 million, its highest within the past ten trading days, demonstrating regained investor confidence in the products.

The massive inflow was recorded amid a bullish crypto market, as BTC soared above the $71k mark early Tuesday morning.

$479 Million ETF Injection

According to ETF data analytics firm Farside, five of the eleven actively trading bitcoin ETFs in the U.S. recorded inflows. At the same time, the rest, including Grayscale’s GBTC, had a dormant business day, with neither an inflow nor an outflow.

BlackRock’s IBIT led Monday’s bullish day with a $315.2 million inflow. Since approval in January, the leading ETF has taken in over $24.3 billion with only five outflow days.

Subsequently, Ark21 shares Bitcoin ETF, ARKB, and Fidelity’s FBTC, which totaled $59.8 million and $44.1 million, respectively.

Meanwhile, Bitwise’s BITB and Grayscale’s Mini Bitcoin Trust with the ticker BTC contributed to the flow, collectively bringing in $60.3 million.

Bitcoin Bulls Unleashed

After leaving investors in doubt about the outcome of this year’s Uptober, bitcoin has regained its bullish momentum as investors continue to acquire more BTC amid the recovering market.

According to live bitcoin price data from CryptocurrenciesTowatch, the leading crypto has reached a high above $71k just two days before the end of the predicted bullish month of October.

Notably, BTC is now 3.3% away from a new all-time high above the $73,950 record it made earlier this year.

Will BTC See $100k Soon?

Famous crypto enthusiasts have not given up on expecting BTC to soar high this year. Binance CEO Richard Teng predicted that the crypto will reach $80k before the end of 2024, citing the inflows into Bitcoin ETFs as a factor, “we’re just getting started,” he said.

Seeing a brighter future than Teng, Bernstein Analysts have predicted that BTC will head toward the $90k mark before 2024 runs out if pro-crypto candidate Donald Trump wins the upcoming U.S. presidential election next week.

Moreover, Standard Chartered analysts foresee a better future for bitcoin. Concurring with the same factor Bernstein analysts mentioned, they see BTC way above the $100k mark and reaching $150k before 2024 ends.

Last week, the 11 spot Bitcoin exchange-traded funds (ETFs) trading in the United States accumulated $2.13 billion, marking the third-highest weekly inflow since the fund’s approval in January.

The latest record coincides with BTC‘s recent price surge. The leading crypto asset jumped by over 10% within a week from $62,700 to $69,400, increasing bullish momentum as investor’s greed grew.

$2.1 Billion Floods In

According to Farside, BlackRock’s IBIT led the bullish week, taking in about $1.14 billion. Its highest inflow day was Wednesday when investors bought $393.4 million worth of IBIT.

Fidelity’s Bitcoin ETF, FBTC, seconded the green week. It inflowed about $318.8 million throughout the week, with its most successful market being Monday, when it took in about $239.3 million.

Ark21Shares’ ARKB and Bitwise’s BITB inflow records were $306.1 million and $149.8 million, respectively.

Notably, last week marks Grayscale GBTC’s first business week without an outflow since approval. It took in $53.7 million in two market days, while the other three were dormant.

Crypto Uptober Playing Out

After scaling through a bearish first two weeks of October, which traders and investors have predicted to be a bullish month, BTC and other cryptos have recovered in price, raising the hopes of a new all-time high before the end of 2024.

BTC rose by 1.5% within the past 24 hours, targetting the $70k mark on Monday morning as investors became bullish. The market’s fear and greed index (FGI) rose to 72%.

According to the crypto derivatives tracker, Coinglass, Bitcoin Open Interest (OI) reached a new record high of $40.5 billion over the weekend. Open Interest refers to the total number or amount of outstanding derivative contracts running at a particular time. Raising OI attracts more traders, increasing market liquidity.

According to live bitcoin price data from CryptocurrenciesToWatch, BTC dropped sharply below the $68,000 price mark. At press time, it traded at $67,200.

Moreover, popular crypto analysts have maintained optimism and foreseen a remarkable upward price trajectory for BTC. Bernstein analysts predicted that bitcoin would rise above $90k by year-end if U.S. Republican presidential candidate Donald Trump excels in the upcoming presidential election.