Bitcoin Spot ETFs Attract $103 Million in Daily Inflows on November 27
US-listed Bitcoin spot exchange-traded funds (ETFs) experienced over $103 million in daily inflows on November 27, recovering from a week marked by substantial outflows amid mixed investor sentiment in the crypto market.
A Mixed Month for Bitcoin Spot ETFs
Despite the positive end to the week, Bitcoin spot ETFs faced challenges earlier. Data from blockchain ETF tracker SoSoValue indicates net weekly outflows of $458.08 million, marking the only negative balance in November.
Bitcoin ETFs initially saw significant inflows with $3.38 billion during the week ending November 22, following inflows of $1.67 billion and $1.63 billion in previous weeks. Notably, November 8 recorded $2.22 billion in inflows, making it one of the best-performing months for these products.
The trend shifted at the start of the week, with Bitcoin spot ETFs experiencing $438.38 million in outflows on November 25, as cautious institutional investors withdrew amid market uncertainties. An additional $122 million flowed out the next day, further impacting the week's outlook.
Midweek, confidence returned, leading to over $103 million in inflows by November 27. Key contributors included Bitwise Bitcoin ETF (BITB) and Fidelity Wise Origin Bitcoin Fund (FBTC), with inflows of $49 million and $40 million, respectively. Grayscale’s Bitcoin Mini Trust (BTC) and Franklin Templeton’s Digital Holdings Trust (EZBC) contributed $12 million and $3 million.
Ethereum ETFs Outshine Bitcoin
In contrast, Ethereum-focused ETFs performed exceptionally well. Following a legal victory for Ethereum's decentralized finance ecosystem, Ether ETFs recorded $133.61 million in net weekly inflows.
On November 26 alone, Ether ETFs attracted $40 million, continuing momentum into November 27. The Fidelity Ethereum Fund (FETH) and Grayscale’s Ethereum Mini Trust (ETH) led the inflows with $38 million and $37 million, respectively.
This surge coincided with an 8% price rally, raising ETH’s value to $3,652 over the past week, according to CoinMarketCap.
The differing performances of Bitcoin and Ethereum ETFs reflect shifting institutional sentiment. While Bitcoin ETFs struggled, Ethereum's legal and market developments fostered renewed confidence.
The broader market rally will be crucial as both Bitcoin and Ethereum ETFs face fluctuating investor interest amidst ongoing regulatory and market changes. Future weeks will reveal if Bitcoin ETFs can maintain their recovery or if Ethereum will continue to lead.