After the approval of the US territory of Bitcoin-traded funds (ETFs) in January 2024, the crypto crowd realized that it was only a matter of time before other similar products received the green light. Less than six months after BTC ETF trading began, Ethereum exchange-traded funds were also launched in the United States.
While Bitcoin ETFs got off to a good start at the start of the year, their Ethereum counterparts had a shaky start after launching. However, it seems that both BTC and ETH exchange-traded funds have generated the interest of investors in the United States.
Bitcoin ETFs Record 12th Straight Day of Positive Inflows
According to the latest market data from SoSoValue, the US area of Bitcoin ETFs registered a net inflow of $429 million on Friday, December 13. This marked the 12th day in a row that crypto products experienced net inflows.
Unsurprisingly, BlackRock’s iShares Bitcoin Trust (ticker IBIT) was responsible for the bulk of Friday’s capital inflows. The leading BTC exchange fund added more than $393 million in value to close the week.
Fidelity’s FBTC came second with an inflow of almost R60 million, followed by Bitwise’s BITB with an inflow of $33.2 million. Ark & 21Shares’ ARKB and VanEck’s HODL also registered $28.41 and $8.62 million, respectively.
Source: SoSoValue
It is worth mentioning that Greyscale’s GBTC was the only fund that recorded an outflow, with $105.76 million withdrawn per day. Still, a one-day run of $428 million brought the weekly record for Bitcoin ETFs to $2.17 billion.
As of this writing, BTC is valued at $101,367, without significant change in the last 24 hours. According to data from CoinGecko, the first cryptocurrency has increased by almost 2% in the past week.
Ethereum ETFs Set New Weekly Inflows Record
Meanwhile, Ethereum Ethereum US recorded a total of $23.6 million on Friday, representing the 15th straight financial day of positive inflows. BlackRock’s Ethereum fund (ticker ETHA) led the pack with a one-day inflow of $9.5069 million.
While none of the Ethereum exchange-traded funds registered exits on Friday, only two brands (besides BlackRock) saw significant inflows on the day. Greyscale’s ETHE and Fidelity’s FETH added $7.24 million and $6.86 million, respectively.
Interestingly, this one-day performance pales in comparison to the other days of the week, when Ethereum ETFs recorded $854.85 million. However, it was enough to push crypto products to a new record for weekly inflows.
The continued influx of money into the Ethereum ETF market is evidence of the growing demand for ETH, reflected in the price. As of this writing, the price of Ethereum is around $3,870, which represents a decrease of almost 1% in the last 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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