US Bitcoin and Ethereum ETFs Hit Fever Pitch as Inflow Streaks Extend to Double Digits
Inflows into the US Bitcoin and Ethereum ETFs have surged to insane levels as the funds record double-digit streaks.The blossoming positive sentiments around the crypto ecosystem have massively reflected in the inflows into the US crypto spot exchange-traded funds (ETFs). Data shows that the investment funds have recently seen increased traction, specifically since Donald Trumps November 5 election victory.Bitcoin Spot ETFs Record 11 Consecutive Inflow StreaksPer Sosovalue, the Bitcoin ETFs extended their inflow streak to eleven days on Thursday after a single-day positive flow of $597.57 million. With the inflow yesterday, the Bitcoin products have attracted $4.89 billion since their last outflow on November 26.Meanwhile, the BlackRock iShares Bitcoin Trust (IBIT) led inflows yesterday, buying a staggering 4,295 BTC ($431.6 million). The issuer recently crossed the $50 billion threshold, with Thursdays inflow taking its net asset to $53.44 billion.The Grayscale Bitcoin Mini Fund (BTC) and the Bitwise Bitcoin ETF (BITB) also saw substantial capital flows yesterday, with the former recording a single-day inflow of $110.76 million. Notably, BITB bought 510 BTC ($61.45 million), its highest acquisition in a week.With these inflows, the Bitcoin investment products have seen a cumulative total net inflow of $35.17 billion. The ETFs now hold Bitcoin worth $112.55 billion, accounting for 5.68% of Bitcoins circulating cap.Ethereum Spot ETFs on a Two-Week StreakInterestingly, Ethereum ETFs have outpaced Bitcoins length of inflow streak as the funds start to gain momentum. Notably, the investment vehicle tracking Ethereums performance has awakened to incessant inflows after underperforming upon market debut earlier in the year.Yesterdays $273.67 million single-day inflow extended the funds' streak to 14 days. During the record consecutive positive flows, the ETFs have attracted $2.22 billion, accounting for over 99% of their cumulative inflows.BlackRocks dominance in the crypto ETF space extends to Ethereum spot products, as the issuer attracted $202 million yesterday. The fund alone has recorded a cumulative inflow of $3.19 billion, with a large part of it neutralized by incessant sales from the Grayscale Ethereum Trust (ETHE).Concurrently, the Grayscale Ethereum Mini Trust (ETH) and the Fidelity Ethereum Fund (FETH) recorded a net inflow of $73.22 million and $19.42 million, respectively. Notably, inflows from other issuers were enough to cover ETHEs $22.83 million outflow.In the meantime, Bitcoin trades at $100,067 while Ethereum exchanges hands for $3,887 per coin.
Text source: The Crypto Basic
