TL;DR
- Spot Bitcoin ETFs record cumulative inflows of $57.61 billion, led by Fidelity and BlackRock.
- Ethereum ETFs attract $78.58 million in net inflows, showing strong institutional appetite for ETH.
- New Dogecoin (DOGE) and XRP ETFs debut in the market, with projections of over 100 crypto ETF launches in six months.
The current boom in the crypto ETF investment market is unprecedented, with inflows exceeding $200 million in a single day. These massive capital inflows are mainly concentrated in the market’s heavyweights, namely Bitcoin (BTC) and Ethereum (ETH), but also mark the exciting debut of Dogecoin (DOGE) and XRP in the exchange-traded fund format.
The expansion of these products, driven by the easing of SEC listing rules, signals a maturation and greater accessibility of the crypto market for traditional investors.
According to SoSoValue data, leading the inflows with $170.80 million is the Fidelity Wise Origin Bitcoin Fund (FBTC), closely followed by BlackRock’s iShares Bitcoin Trust (IBIT) with $83.01 million. With this, cumulative inflows into all spot Bitcoin ETFs have reached an impressive $57.61 billion, maintaining a steady trading volume of over $4.69 billion daily.
However, not all Bitcoin ETFs share the same fate, as products from smaller issuers like Bitwise Bitcoin ETF (BITB) and Ark 21Shares Bitcoin ETF (ARKB) experienced outflows, reflecting mixed sentiment among market participants.
Ethereum and the Bold Leap of Dogecoin and XRP into Crypto ETF Investment
Ethereum couldn’t miss out on the crypto ETF investment party. Spot Ether ETFs recorded $78.58 million in net inflows, marking their third consecutive day of positive momentum. BlackRock’s iShares Ethereum Trust (ETHA) captured $46.09 million and the Fidelity Ethereum Fund (FETH) $47.54 million, evidencing robust institutional appetite for the second-largest cryptocurrency.
Despite these figures, the Grayscale Ethereum Trust (ETHE) continued its redemption trend, recording an outflow of $23.33 million, although its Mini Trust (ETH) version added $8.29 million.
The big news of the day was the debut of Grayscale’s new spot Dogecoin ETF (GDOG), which, although it recorded a trading volume of $1.4 million—below the $12 million expectations—is considered an average launch. Bitwise (BWOW) will also launch its own Dogecoin ETF.
These new products, unlike a previous DOJE fund, are registered under regulations that allow them to directly hold the token, a significant advantage. Meanwhile, newly launched spot XRP ETFs had a much stronger start, attracting nearly $130 million on their first day.
ETF analysts Eric Balchunas and James Seyffart estimate that this is just the tip of the iceberg, anticipating over 100 new crypto ETFs in the next six months, which will solidify crypto ETF investment as a pillar of the ecosystem.
In contrast to this ETF optimism, Bitcoin is set to close November in the red, breaking its historical pattern as the strongest month of the year.
With a drop of over 20% from its monthly open, the question arises whether seasonal trends are still relevant. Bitfinex analysts attribute the decline to overheated buying between $106,000 and $118,000, with many buyers now capitulating at a loss.
