BlackRock’s IBIT fund is attracting strong inflows for the fourth successive day, and on Nov 12, it has seen $778.2 million other ETFs continue to slow down amid a fall in Bitcoin below $86,000.
Twelve Bitcoin ETFs posted net inflows of $817.54 million on Tuesday, based on data gathered by SoSoValue, for a fifth day in row and with aggregate net inflows to top $4.2 billion. Evidently, increased investment has been largely fueled by an optimistic tide in the markets following Donald Trump’s re-election in the U.S., then continued into a positive wave of investor sentiment in the crypto space.
The IBIT fund led the change, seeing $778.27 million pour in, thus upping its cumulative net inflows to an all-time high of $28.92 billion since it launched. Inflows into the fund have been sequential with the pattern indicating it attracts institutional demand as the preferred Bitcoin ETF option, even while more competing Bitcoin funds lost some or showed outflows in the period.
Other smaller inflows came from Fidelity’s FBTC, Grayscale Bitcoin Mini Trust, and VanEck’s HODL with $37.2m, $15.08m, and $10.13m, respectively.
Grayscale’s flagship product, GBTC, had net outflows of $17.79 million, while ARK 21Shares’ ARKB saw the exact day with net outflows of $5.36 million. The day prior had actually been one where all 12 Bitcoin ETFs experienced positive flow, and it was then that all 12 had reported their highest-ever record daily trading volumes at $7.31 billion.
The moves were a reflection of market players settling into recent price volatility as Bitcoin fell more than 5% from a high of $89,900 to settle near $85,500 on Tuesday.
Bitcoin ETFs have crossed $90b in assets, after yesterday’s $6b jump ($1b in flows $5b in mkt appreciation).. they now 72% of the way to passing gold ETFs in assets. pic.twitter.com/7I3TMC8CfZ
— Eric Balchunas (@EricBalchunas) November 12, 2024
Bloomberg analyst Eric Balchunas praised the Bitcoin ETFs’ performance, saying that total assets under management for Bitcoin ETFs now exceed $90 billion and make up 72% of the asset levels of gold ETFs.
At the time of writing, Bitcoin, abbreviated Btc, had bounced back slightly from a broader decline in the day, trading at about $86,917, down 1.7% over the 24 hours.
Ethereum ETFs pull in $131.9M. Spot Ethereum ETFs also experienced strong inflows, reaching $131.92 million in cumulative net additions on Nov 12. This is the fifth consecutive day of net inflow for Ethereum funds, which collectively amassed $649 million during the last week.
In fact, that alone was a record daily inflow of $295.48 million for spot Ethereum ETFs recorded on Nov 11.
BlackRock’s ETHA was at the helm of the Ethereum ETF, which drew $131.45 million inflows on Tuesday, and tracked very closely was Bitwise’s ETHW, which gathered $16.98 million.
Grayscale’s Ethereum Mini Trust saw $12.71m, VanEck’s ETHV netted $6.02m, and 21Shares’ CETH gathered $1.97m inflows. Grayscale’s ETHE posted a net outflow of $33.21 million, pointing out that overall inflows into this category remain muted.
Current stats find that the Ethereum Eth Ethereum price has declined by 5.4% within the last 24 hours, trading at $3,151.
