On November 21, Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a major surge, recording $1 billion in inflows as Bitcoin approached the $100,000 mark. Over the past four days, Bitcoin ETFs have accumulated more than $2.8 billion in total inflows, with the $1 billion inflows on Nov. 21 marking the highest single-day figure in the last eight trading days.
Leading the charge was BlackRock’s IBIT, which brought in $608.41 million, pushing its cumulative net inflows to $30 billion since launch. Other prominent funds such as Fidelity’s FBTC and Bitwise’s BITB contributed $300.95 million and $68 million, respectively. Smaller funds like ARK’s ARKB and Grayscale’s Bitcoin Mini Trust also recorded positive inflows, further fueling the upward trend.
Despite the strong inflows, Grayscale’s GBTC was an outlier, experiencing outflows of $7.81 million, extending its total net outflows to $20.26 billion since inception. Overall, the total trading volume for Bitcoin ETFs reached $7.1 billion, a significant jump from the previous day’s $5.09 billion, with BlackRock’s IBIT alone accounting for $5.22 billion.
The surge in ETF inflows coincided with Bitcoin’s all-time high of $99,261, just under $3,750 shy of breaking the $100,000 barrier. Analysts predict that Bitcoin will hit the $100K milestone within the week, which is expected to bring increased investor interest in Bitcoin ETFs. Georgii Verbitskii, founder of TYMIO, stated, “The popularity of Bitcoin ETFs is set to grow, especially after Bitcoin surpasses $100,000.”
Kadan Stadelmann, CTO of Komodo Platform, highlighted that recent inflows into Bitcoin ETFs have outpaced Bitcoin’s supply issuance, signaling strong investor confidence. Stadelmann added that Bitcoin ETFs are on track to surpass gold ETFs in net assets, a remarkable milestone given the lack of historical precedent for such investment products.
In contrast, Ethereum ETFs saw a slowdown in outflows, with the nine spot Ethereum ETFs recording $9.05 million in outflows on Nov. 21, a significant reduction from the previous day’s $33.47 million. The majority of these outflows came from Grayscale’s ETHE, which saw $27.08 million leave the fund. However, some Ethereum ETFs, including Fidelity’s FETH and Bitwise’s ETHW, saw inflows that partially offset the outflows.
Experts, including Verbitskii, believe Ethereum could enter its strongest phase yet, particularly if regulatory conditions improve, which might spur greater adoption of Ethereum ETFs in the future.
At the time of writing, Bitcoin was trading at $98,945, up 1.8% in the last 24 hours, while Ethereum saw more significant gains, rising 8.1% to $3,369.
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