Ethereum spot ETFs mark historic milestone with $332.92 million daily inflows, surpassing Bitcoin ETFs amid ETH price surge.
The latest data from SoSoValue reveals that Ethereum (ETH) spot ETFs recorded $332.92 million in daily net flows as of November 29, surpassing Bitcoin (BTC) spot ETF’s $320.01 million for the first time since inception.
This development coincides with the increase in the price of Ethereum by more than 3% in the last 24 hours, while Bitcoin showed minimal movement during the same period.
Ethereum ETF performance
The first Ethereum ETF location in the United States began trading on July 23. These ETFs, approved by the US Securities and Exchange Commission, include products from well-known financial institutions such as BlackRock, Fidelity and Grayscale, among others. They provide investors exposure to the price of Ethereum without the need to directly hold the cryptocurrency.
Here’s a look at how these ETFs are doing today:
- BlackRock’s iShares Ethereum Trust ETF, traded on NASDAQ, emerged as the best performer. It boasts $250.39 million in daily net inflow. The fund’s cumulative net inflow is $2.1 billion, with net assets of $2.5 billion.
- NYSE-listed Grayscale Ethereum Mini Trust recorded $3.39 million in daily inflows, contributing to its substantial cumulative net inflow of $420.15 million. The fund currently holds a share of 0.35% ETH with a market price of $33.84.
- Fidelity Ethereum Fund, on the Cboe Exchange, secured $79.44 million in daily flows, pushing its cumulative total to $824.23 million. The fund trades at $35.88 with a share of 0.22% ETH.
Bitcoin ETFs maintain a strong presence
Despite being outperformed in daily flows, Bitcoin spot ETFs showed strong performance. BlackRock’s iShares Bitcoin Trust ETF recorded $137.49 million in daily net inflows. The cumulative inflow of IBIT reached $31.74 billion, commanding a BTC share of 2.51%.
Fidelity Wise Origin Bitcoin Fund, or FBTC, followed with $106.46 million in daily flow, while Bitwise Bitcoin ETF, or BITB, secured $26.54 million.
In particular, Grayscale Bitcoin Trust did not show a daily flow, keeping its cumulative position at -$20.52 billion.
The total value exchanged for Ethereum ETFs reached $313.61 million, while Bitcoin ETFs recorded a higher volume of $2.51 billion. The total cumulative net inflow is $573.32 million for Ethereum ETF and $30.70 billion for Bitcoin ETF.
The first Bitcoin ETF was approved and launched in Canada by Purpose Investments. It began trading on the Toronto Stock Exchange (TSX) under the ticker BTCC on February 18, 2021. This was an important step, as it marked the first ETF in the world that directly holds Bitcoin.
In the US, however, the SEC has yet to approve a spot Bitcoin ETF as of November 2024. The US market currently only has futures-based Bitcoin ETFs, which started with the ProShares Bitcoin Strategy ETF (BITO) in October 2021 .
