Spot Ether exchange-traded funds (ETFs) recorded their first weekly outflow in six weeks, with $38.2 million leaving the sector in the week ending January 3, as reported by SoSoValue.
This marks a pause in the record-breaking streak of inflows that brought $2.57 billion into these funds over the prior five weeks, despite Ether’s price gaining 7% during the same period to trade at $3,661.
Outflow follows months of growth in spot ether ETFs
Since October, the outflow has only been the second weekly decline for spot Ether ETFs. During the previous nine weeks, investors had injected $3.18 billion into the sector, helping nearly double its market capitalization from $6.82 billion on October 25 to $13 billion. Spot Ether ETFs have hosted $2.64 billion in net inflows since October, underscoring sustained investor interest.
Weekly spot Ether ETF flows. Source: SoSoValue.
Despite the latest outflow, Ether’s price remained stable, fluctuating between $3,300 and $3,400 for most of the previous week. This consolidation followed a sharp December correction that saw ETH tumble from $4,000 to $3,100.
Bitcoin ETFs turn bullish amid rising inflows
While spot Ether ETFs posted an outflow, spot Bitcoin ETFs saw significant inflows, totaling $245 million during the same week. January 3 was a particularly strong day for Bitcoin ETFs, with a daily inflow of $908 million, the fourth-highest on record.
Weekly spot Bitcoin ETF flows. Source: SoSoValue.
Bitcoin’s price also rose, gaining 6.1% over the past seven days and trading between $96,000 and $98,547 on January 3. Since the launch of spot Bitcoin ETFs, these funds have attracted more than $35.9 billion in inflows, which has helped offset the $21.5 billion in outflows from the Grayscale Bitcoin Trust (GBTC). As of now, spot Bitcoin ETFs collectively hold a market capitalization of $111.35 billion, representing 5.72% of Bitcoin’s total market value.
BlackRock’s IBIT leads the spot Bitcoin ETF market
BlackRock’s iShares Bitcoin Trust ETF (IBIT) remains the leading spot Bitcoin ETF, boasting a market cap of $54.26 billion. Fidelity’s FBTC and Grayscale’s GBTC follow, each with a market cap of about $20.2 billion.
IBIT also ranked as one of the top ETFs across all sectors in terms of inflows for 2024, attracting $37 billion. It is the third-largest ETF in inflows for the year, trailing Vanguard’s and BlackRock’s S&P 500 ETFs, which secured $122 billion and $49 billion in inflows, respectively. This latest data highlights shifting trends in cryptocurrency ETFs as market dynamics evolve.
The post Spot Ether ETFs’ Record Inflow Streak Ends with $38.2 Million Outflow first appeared on Coinfea.
