• Crypto & Funx
• 15 Jan, 2025

Bitcoin spot ETFs recorded $123 million in net outflows on November 26 while Ethereum spot ETFs saw inflows exceeding $40M on the same day, outperforming Bitcoin ETFs.

Grayscale's GBTC and Fidelity's FBTC saw withdrawals of $36.14M and $95.68M, respectively.

BlackRock’s iShares Bitcoin Trust (IBIT) remained inactive for the first time on November 26 .

Institutional interest in Ethereum spot ETFs surged on November 26, marking a significant shift in investor sentiment as Ethereum ETFs recorded daily inflows of over $40 million, surpassing their Bitcoin counterparts for the first time in a long while.

After recording a staggering $438 million outflow on November 25, Bitcoin spot ETFs continued to see institutional pullback, with an additional $123 million in net outflows on November 26. This marks the second consecutive day of institutional retreat for Bitcoin ETFs after a week of steady inflows.

Bitcoin ETFs Face Second Day of Outflows

According to from blockchain ETF tracker SoSoValue, Grayscale’s Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) led the exodus, reporting $36.14 million and $95.68 million in withdrawals, respectively.

Other Bitcoin ETFs such as Invesco Galaxy Bitcoin ETF(BTCO) also registered a significant outflow of $2.27 million, bringing the funds total cumulative net inflow to $418.63 million on November 26. The remaining Bitcoin spot ETFs witnessed zero interactions from institutional investors.

Surprisingly, even ‘s iShares Bitcoin Trust (IBIT), which had constantly brought in millions in daily net inflow, saw no interaction at all, marking its first inactive trading day in recent memory.

On Monday, the fund bucked the trend of negative outflow, emerging as the only Bitcoin ETFs that attracted investor’s interest. Coinspeaker that IBIT posted an inflow of $267 million.

Ethereum ETFs Gain Institutional Momentum

While Bitcoin ETFs struggled, Ethereum spot ETFs stood out with strong inflows, signaling a possible shift in institutional focus. BlackRock’s iShares Ethereum Trust (ETHA) attracted a net inflow of $50.13 million, while Grayscale’s Ethereum Mini Trust (ETH) added $16.28 million, pushing Ethereum ETFs into the spotlight.

According to SoSoValue, the total trading volume for Ethereum ETFs soared to $418.49 million, with the products now commanding $9.80 billion in net assets.

This marked a decisive moment for Ethereum, as institutional investors appeared undeterred by its price drop from $3,600 to $3,398.

While the crypto market remains in decline, with Bitcoin dropping to $92,668 and pulling other digital assets lower, strong inflows into Ethereum ETFs signal growing confidence among institutional investors, who are betting on recovery as Ethereum eyes the $4,000 level.

Historically, Bitcoin’s dominance tends to decrease during market corrections, paving the way for altcoins to gain traction. This pattern was evident in 2017 when Ethereum and other altcoins surged while Bitcoin stabilized. Current trading activity and technical indicators suggest Ethereum is showing renewed momentum in a similar fashion.

With its RSI still in neutral territory, Ethereum has room to advance further. It has maintained a steady upward trend, breaking key barriers at $3,000 and $3,200.