Ethereum ETFs Record Over $40 Million in Daily Inflows, Surpassing Bitcoin
Institutional interest in Ethereum spot ETFs increased significantly on November 26, as Ethereum ETFs recorded daily inflows exceeding $40 million, surpassing Bitcoin ETFs for the first time in a long period.
Bitcoin spot ETFs experienced continued institutional outflows, recording an additional $123 million net outflow on November 26 after a notable $438 million outflow on November 25. This marks the second day of institutional retreat for Bitcoin ETFs following a week of steady inflows.
Bitcoin ETFs Face Second Day of Outflows
Data from blockchain ETF tracker SoSoValue indicates that Grayscale's Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) led the withdrawals, with $36.14 million and $95.68 million respectively. Other Bitcoin ETFs, such as Invesco Galaxy Bitcoin ETF (BTCO), reported a significant outflow of $2.27 million, totaling $418.63 million in cumulative net inflow on November 26. The remaining Bitcoin spot ETFs saw no interactions from institutional investors.
Notably, BlackRock's iShares Bitcoin Trust (IBIT), which had previously attracted substantial daily inflows, recorded no activity, marking its first inactive trading day in recent memory. On Monday, IBIT was an exception, attracting $267 million in inflows.
Ethereum ETFs Gain Institutional Momentum
In contrast to Bitcoin ETFs, Ethereum spot ETFs demonstrated robust inflows, indicating a potential shift in institutional focus. BlackRock's iShares Ethereum Trust (ETHA) garnered a net inflow of $50.13 million, while Grayscale's Ethereum Mini Trust (ETH) added $16.28 million. Total trading volume for Ethereum ETFs reached $418.49 million, with net assets now at $9.80 billion.
This shift is significant for Ethereum, with institutional investors seemingly unfazed by its price drop from $3,600 to $3,398. Despite the overall decline in the crypto market, where Bitcoin fell to $92,668, strong inflows into Ethereum ETFs reflect growing institutional confidence, with expectations for a recovery as Ethereum approaches the $4,000 level.
Historically, Bitcoin's dominance tends to diminish during market corrections, allowing altcoins to gain traction. This pattern was evident in 2017 when Ethereum and other altcoins surged while Bitcoin stabilized. Current trading activity and technical indicators suggest that Ethereum is showing renewed momentum.
With its Relative Strength Index (RSI) remaining in neutral territory, Ethereum has potential for further advancement, maintaining a steady upward trend and breaking key resistance levels at $3,000 and $3,200.