As a seasoned researcher with years of experience tracking cryptocurrency markets, I’ve witnessed my fair share of market fluctuations and trends. This past week has been nothing short of intriguing, particularly the stark contrast between Bitcoin (BTC) and Ethereum (ETH) ETFs.
Last week was incredibly favorable for Bitcoin ETFs based in the U.S., as each trading day concluded with substantial investments pouring in, amounting to millions and sometimes billions of dollars.
Instead, while other entities were wrapping up a five-day trade, Ethereum‘s counterparts found themselves concluding the period with significant losses, as indicated by their position in the red zone.
Over $3B Enter BTC ETFs Weekly
Since Donald Trump’s triumphant re-election as U.S. President in 2024, Bitcoin’s price and investments in spot Bitcoin ETFs have experienced an extraordinary surge. Last week’s trading followed this trend, even if it began relatively slowly on Monday with approximately $254.8 million flowing into these funds.
On Tuesday, there was a significant increase with $829.5 million, followed by $773.4 million on Wednesday and $490.3 million on Friday. But Thursday saw an astonishing rise of $1.005,1 billion. In total, Farside reports that the week’s earnings amounted to a staggering $3.353,1 billion.
It’s no surprise that BlackRock’s IBIT, the world’s biggest Bitcoin ETF, led the way in significant inflows on many days. On three different occasions – Wednesdays, Thursdays, and Fridays – IBIT drew in more than half a billion dollars. As a result, its assets under management (AUM) have soared past $31 billion, reaching impressive heights.
On Tuesday and Thursday, Fidelity’s FBTC received significant deposits totaling approximately $256.1 million and $300 million respectively. Meanwhile, Ark Invest’s ARKB experienced its highest inflow of $267.3 million on Tuesday.
During an exceptionally optimistic week for ETFs, Bitcoin’s value steadily increased from approximately $90,000 on Monday to $99,825 on Bitstamp by Friday, falling just short of reaching the six-digit price range by a mere $200.
ETH ETFs Suffer
During the trading days immediately following the U.S. elections, Ethereum ETFs experienced their strongest week, spanning from November 11 to November 15. Nevertheless, toward the end of that week and continuing into subsequent days, there were indications of potential concern that grew more pronounced over time.
To put it simply, for the past trading week, ETH ETFs mostly closed in the negative, with losses of $39.1 million on Monday, $81.3 million on Tuesday, $30.3 million on Wednesday, and $9 million on Thursday. However, they managed to halt this losing streak that lasted for six consecutive days, which included November 22 (both Thursday and Friday).
In total, they managed to draw in approximately $91.3 million. BlackRock’s ETHA took the lead with an impressive $99.7 million, whereas Grayscale’s ETHE and ETH ended up losing money, with ETHE reporting a loss of $18.6 million and ETH recording a loss of $0.6 million.
In summary, despite a total withdrawal of approximately $68.4 million from ETH funds during the week, the value of Ether itself has increased more than 10% to surpass $3,400 over the same period.
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2024-11-24 10:38