US spot Bitcoin ETFs have witnessed a massive inflow of $3.38 billion during the week of November 18th – 22nd, making their seventh successive week of ballooning.
Blackrock’s Bitcoin ETF, IBIT, received $2.05 billion this week, now holding a total of $48.62 billion, as per data shared by Spotonchain on November 23rd, 2024. So far, the total assets under all Bitcoin ETFs combined currently stand at $98.78 billion.
Meanwhile, Ether ETFs also added its biggest weekly net influx of $68.5 million this week, expanding its positive growth. Ethereum ETFs had total inflows of $682 million in the last three weeks. All this shows that investors are also interested in Ethereum.
Mainstream investors taking interest
Since their launch in January, there are 11 US Bitcoin EFTs, including Blackrock’s iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Trust (FBTC), Grayscale Bitcoin Trust (GBTC), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin Trust (HODL), Valkyrie Bitcoin Fund (BRRR), WisdomTree Bitcoin Fund (BTCW), Franklin Bitcoin ETF (EZBC), Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB), and Hashdex Bitcoin ETF (DEFI).
The positive net inflows into spot Bitcoin ETFs signal a market resurgence from the slump recently witnessed a few months ago. The current inflows are higher than the peaks recorded in March. This highlights a continued robust interest and optimism in Bitcoin as an investment instrument among consumers.
The increase in trading volumes for Bitcoin ETFs reflects traditional investors are recognizing their existence. Leading US banks, like UBS and Morgan Stanley, entered the market, providing Bitcoin EFTs to their customers. This further strengthens their reputation in the eyes of established investors.
User demand recovery
Bitcoin ascending towards $100,000 correlates with surged financial inflows into the ETFs. This suggests that the price rise is being driven by the inpouring of money into Bitcoin ETF funds. Investor demands are the catalyst for Bitcoin price rise, disclosing a robust relationship between user interest and BTC price movement.
Investors continue to make investments in these EFTs, hoping that Donald Trump’s presidency will bolster the market and push the value of the flagship cryptocurrency higher.
