Ethereum

United

Bitcoin ETF

Bitcoin

Spot

Spot Bitcoin exchange-traded funds in the United States saw a significant surge in inflows on Nov. 21, as Bitcoin inches closer to breaking the $100K barrier. 
According to <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="nofollow">data </a>from SoSoValue, the 12 spot Bitcoin ETFs logged $1 billion in inflows on Thursday, <a href="https://crypto.news/bitcoin-etfs-see-third-straight-day-of-inflows-as-btc-clocks-new-ath/" target="_blank">extending their inflow streak</a> to four days, which netted over $2.8 billion in total inflows during this period. Notably, the inflows seen on Nov. 21 were the highest in the last eight trading days, surpassing the $1.11 billion recorded on Nov. 11. 
BlackRock’s IBIT led the pack for the second consecutive day on Thursday, with $608.41 million entering the fund. BlackRock has already recorded a cumulative net inflow of $30 billion since its launch. 
Fidelity’s FBTC and Bitwise’s BITB also contributed significantly, with inflows of $300.95 million and $68 million, respectively. ARK and 21Shares’ ARKB, Grayscale Bitcoin Mini Trust, Franklin Templeton’s EZBC, and VanEck’s HODL added to the positive momentum, reporting net positive flows of $17.18 million, $6.97 million, $5.7 million, and $5.56 million, respectively. 
Grayscale’s GBTC was the sole outlier on the day, reporting outflows of $7.81 million, bringing its total net outflows since its launch to $20.26 billion. The remaining Bitcoin ETFs reported zero flows for the day. 
Total trading volume for these ETFs stood at $7.1 billion, significantly higher than the $5.09 billion recorded yesterday. BlackRock’s IBIT alone saw a massive $5.22 billion in trading volume. 
 You might also like: <a rel="" href="https://crypto.news/bitcoin-mirrors-2020-bull-phase-cryptoquant-ceo-says/"> Bitcoin mirrors 2020 bull phase, CryptoQuant CEO says </a> 
The significant inflows recorded on Thursday came as Bitcoin surpassed $99,000, setting an all-time high of $99,261—just around $3,740 shy of crossing the $100,000 price barrier. Analysts and experts <a href="https://crypto.news/bitcoins-100k-how-close-to-cryptos-biggest-milestone/" target="_blank">predict </a>that Bitcoin will reach this major milestone within the week, driving more investor attention toward Bitcoin ETFs. 
“Bitcoin ETFs are already highly popular, and their popularity is likely to grow even further, especially after Bitcoin surpasses $100,000, bringing renewed attention from mainstream media and traders alike,” said Georgii Verbitskii, founder of TYMIO, in a statement to crypto.news. 
Kadan Stadelmann, chief technology officer at Komodo Platform, explained to crypto.news that Bitcoin ETFs have little historical precedent. He noted that recent net Bitcoin ETF inflows have significantly exceeded Bitcoin’s supply issuance, highlighting its unique inelasticity. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Clearly, investors anticipate long-term growth in Bitcoin ETFs, which are on pace to surpass gold ETFs in net assets.” <cite>Kadan Stadelmann, chief technology officer at Komodo Platform</cite>
</blockquote> 
<h2 class="wp-block-heading" id="ethereum-etf-outflows-slow-down">Ethereum ETF outflows slow down</h2> 
Meanwhile, the nine spot Ethereum ETFs experienced a significant drop in net outflows, with <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="nofollow">$9.05 million</a> in outflows recorded on Nov. 21, compared to $33.47 million the previous trading day. 
The majority of the outflows on the day came from Grayscale’s ETHE, which saw $27.08 million exit the funds. Grayscale Ethereum Mini Trust also reported $4.11 million in outflows. 
These outflows were partially offset by inflows into Fidelity’s FETH, Bitwise’s ETHW, and VanEck’s ETHV, which recorded inflows of $16.79 million, $2.89 million, and $2.46 million, respectively. 
Verbitskii suggested that Ethereum might enter its strongest phase in the future, particularly if regulatory conditions improve, potentially “under a Trump administration.” He noted that the DeFi ecosystem has faced regulatory pressures that have hindered its growth. With a clearer regulatory framework, an ETH ETF could see “accelerated adoption.” 
At press time, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) was up 1.8% in the last 24 hours, trading at $98,945. Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) saw much higher gains of 8.1%, exchanging hands at approximately $3,369. 
 Read more: <a rel="" href="https://crypto.news/ethereum-price-is-on-track-to-hit-10k-crypto-analyst-predicts/"> Ethereum price is on track to hit $10k, crypto analyst predicts </a>

Bitcoin ETFs record $1 billion in inflows as BTC surpasses $99K

Table of Contents

crypto.news

Other articles published on Nov 22, 2024

CFTC endorses tokenized assets as collateral in traditional derivatives trading

Peanut the Squirrel (PNUT) Price Prediction 2024, 2025, 2026-2030

Binance Increased Compliance Staff by 34% Since November 2023, As a New Crypto Era Emerges

DOGE is likely gearing up for a rally ahead, says Real Vision CEO

Boeing Lands $2.38B USAF Deal for 15 Aircraft, Stock Gains

Crazy Biden (CRAZBIDE) Solana Memecoin to Explode Over 19,000% Before Exchange Listing, While Shi...

Join our free newsletter for daily crypto updates!