Signs of a mature market
Investment funds #ETF investing in Bitcoin and Ethereum in the US just witnessed a record net cash flow of 7.54 billion USD in November, according to aggregated data from SoSoValue and CoinGlass. This figure far exceeds the previous record of 6.03 billion USD in February 2024.
This cash flow reflects the increasing acceptance of traditional financial institutions towards cryptocurrencies, with ETFs becoming the preferred tool for accessing $BTC and $ETH .
Ethereum stands out amid the ETF wave
The Ethereum ETF is gradually asserting its position with a net cash flow of 467 million USD in just the last 5 days of November, mostly coming from BlackRock’s ETHA (300 million USD). This is a significant increase compared to Bitcoin ETF funds, although the total net assets of the Ethereum ETF only reach about 11 billion USD, much lower than the 105 billion USD of Bitcoin ETF funds.
Ethereum also outperformed Bitcoin in price performance in the last week of November, rising 15% while Bitcoin fell 1.7%. However, to match Bitcoin's market capitalization, Ethereum needs to reach a price of 16,673 USD, which is an increase of 4.61 times its current price.
Bitcoin still leads, but upward pressure is high
BlackRock’s iShares Bitcoin Trust (IBIT) continues to lead the market with 48 billion USD in cash flow since its launch, followed by Grayscale’s GBTC (20.9 billion USD) and Fidelity’s FBTC (19 billion USD).
However, the capital shift towards altcoins is increasing as Bitcoin faces psychological resistance at the 100,000 USD level. According to analyst Valentin Fournier, Bitcoin's dominance has decreased by 5% in the past 12 days, indicating a strong capital shift into other currencies, supported by high liquidity.
Bitcoin and Ethereum ETFs are not only investment tools but also signs of the maturity and diversification of the global cryptocurrency market.