U.S. Spot Crypto ETFs Report Significant Inflows Despite Price Declines
U.S. spot crypto exchange-traded funds (ETFs) experienced significant net inflows on Wednesday, as investor interest remained strong despite declines in asset prices, according to JPMorgan.
- Spot ether ETFs had net inflows of $84 million on May 28, even with ether's price down 1.3%.
- BlackRock’s iShares Ethereum Trust (ETHA) led with $52 million, followed by Fidelity’s Ethereum Fund (FETH) with $26 million.
- Trading volume for ether ETFs reached $459 million, exceeding the post-launch daily average of $375 million since July 2024.
Spot bitcoin ETFs attracted an estimated $431 million in net inflows, driven by BlackRock’s iShares Bitcoin Trust (IBIT), which saw $479 million in new investments.
- ARK 21Shares Bitcoin ETF (ARKB) had outflows of $34 million, and Fidelity’s FBTC recorded a $14 million drop.
- Despite a 2.1% decline in bitcoin's price, total trading volumes were $3.5 billion, compared to the historical average of $2.8 billion since January 2024.
Investors are shifting from gold to bitcoin ETFs, with U.S. bitcoin ETFs recording $9 billion in inflows over five weeks, while gold-backed funds faced $2.8 billion in outflows.