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In summary
- US Bitcoin and Ethereum ETFs recorded more than $7.54 billion in net inflows in November, driven by the post-election environment.
- Ethereum showed a strong performance, with its spot ETFs attracting $467 million and outperforming Bitcoin in daily net flows during some key days.
- The iShares Bitcoin Trust leads the market, accumulating $48 billion in capitalization, as Bitcoin approaches the $100,000 barrier.
Exchange-traded funds (ETFs) investing in Bitcoin and Ethereum in the US are seeing record net inflows, after a bullish November that saw pro-Cryptocurrency president-elect Donald Trump enter the White House.
As post-election momentum drives institutional adoption, cumulative flow data indicates steady growth since March 2024.
The nature of these inflows suggests a maturing market where ETFs are increasingly becoming the preferred vehicle for traditional finance to gain exposure to Bitcoin.
According to aggregate data from SoSoValue and CoinGlass, US Bitcoin and Ethereum spot ETFs have seen more than $7.54 billion in monthly net inflows.
That’s more than $1.5 billion compared to February’s record of $6.03 billion for Bitcoin ETFs.
Notably, Ethereum spot ETFs, which began trading in July, are gaining traction, with registrations between November 25 and 29 seeing a net inflow of $467 million—most coming from BlackRock’s ETHA, representing $300 million.
Tide change for Ethereum
Comparing total daily net inflows, Bitcoin spot ETFs made $320 million, while Ethereum ETFs made $332 million, although the latter only has about $11 billion in net assets, compared to Bitcoin spot ETFs, which have almost 10 times more in net assets with more than $105,000 million.
Ether outperformed Bitcoin’s price during the last week of November, rising 15% compared to Bitcoin’s modest 1.7% decline during the same period, according to data from CoinGecko.
However, a comparison between Ethereum’s price versus Bitcoin’s fully diluted valuation reveals its fundamental supply-side constraints. Ethereum would need to reach $16,673 (a 4.61x increase) to match Bitcoin’s $2 trillion total addressable market cap.
Bitcoin ETFs maintain dominance
BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate spot Bitcoin ETFs, accumulating $48 billion in market cap flows since its launch, according to data from CoinGlass.
The Grayscale Bitcoin ETF (GBTC) follows with $20.9 billion, although it is being closely followed by the Fidelity Bitcoin ETF (FBTC) with $19 billion.
The increase in ETF adoption comes as Bitcoin trades near $96,000, approaching but not yet breaking the psychological barrier of $100,000.
“Bitcoin dominance has fallen 5% over the past 12 days, breaking below the positive trend line established in June 2023,” said Valentin Fournier, digital asset analyst at Singapore-registered market intelligence firm Bread News, to Decrypt in an email.
“With significant resistance at $100,000, the market is seeing a capital shift towards altcoins, supported by increasing liquidity.”
Edited by Sebastian Sinclair
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