Ethereum ETFs closed the week strong with inflows above $300 million while bitcoin ETFs saw outflows of close to $400 million.
Weekly Inflows and Outflows Show Contrasting Fortunes for BTC and ETH ETFs
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Last Week of 2024 Sees Outflows for Bitcoin ETFs and Inflows for Ethereum ETFs
Bitcoin and ethereum exchange-traded funds (ETFs) experienced mixed fortunes in the final week of 2024.
According to Sosovalue‘s weekly inflow/outflow metrics for Dec.23 to Dec. 27, the 12 U.S. spot bitcoin ETFs had a combined net outflow of $387.45 million, as BTC‘s price dropped below $95,000.
Fidelity‘s FBTC led the outflows with $182.96 million, followed by Bitwise’s BITB with $59.54 million in outflows. Other major bitcoin ETFs including Invesco’s BTCO, Blackrock‘s IBIT, and Ark 21shares’ ARKB registered outflows of $39.71 million, $21.11 million, and $16.42 million respectively.
Bitcoin ETFs closed out the week with a total net asset value of $106.68 billion.
The narrative on ethereum ETFs was in contrast with a weekly net inflow of $349 million. Blackrock’s ETHA brought in a weekly net inflow of $181.82 million and Fidelity’s FETH also had a positive weekly inflow of $160.33 million. Bitwise’s ETHW rounded up the weekly inflows with $7.15 million.
These inflows raised ethereum ETFs total net assets to $12.11 billion, approximately 3% of ethereum’s total market cap.
Investment patterns on bitcoin and ethereum ETFs could suggest institutional and retail investors trying to position for an altcoin rally in the event of a local top for BTC’s price.
