Cryptocurrency exchange-traded funds (ETFs) accounted for 13 of the 25 largest ETF launches in 2024 by year-to-date inflows, according to a post on the X platform by Nate Geraci, president of The ETF Store, an investment adviser specializing in ETFs.
Of the approximately 400 new ETFs launched in 2024, the four biggest launches by inflows have all been spot Bitcoin (BTC) ETFs, Geraci said.
BlackRock’s iShares Bitcoin Trust (IBIT) tops the charts, with almost $21 billion in inflows to date. It is followed by Fidelity Wise Origin Bitcoin Fund (FBTC), with nearly $10 billion in net inflows, and ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF Trust (BITB), each with roughly $2 billion in net inflows, according to the post.
In seventh place is the iShares Ethereum Trust ETF (ETHA), which led the pack among Ether (ETH) ETFs with upward of $1 billion in net inflows. According to data from Morningstar, a fund researcher, the ETF cleared the $1 billion mark in August.
Top ETF launches in 2024. Source: The ETF Store
Total net assets in spot BTC and ETH ETFs exceed $60 billion, according to Morningstar.
The market for cryptocurrency ETFs will continue to expand to new types of digital assets and diversified crypto indexes, according to an executive at asset manager Grayscale Investments.
“We’re going to see a number of more single asset products, and then also certainly some index-based and diversified products,” Dave LaValle, Grayscale’s global head of ETFs, said on Aug. 12.
Numerous other proposed crypto ETFs are seeking regulatory approval. They include new types of single-asset funds, such as Solana ETFs, and diversified crypto indexes, such as the Hashdex Nasdaq Crypto Index ETF.
Net inflows into spot crypto ETFs exceed “more than three times the largest one-year inflow of any ETF ever in the history of ETFs,” LaValle said. “So we’re talking about massive, massive adoption.”
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