Originally published on: November 25, 2024
The enthusiasm among investors for spot Bitcoin exchange-traded funds (ETFs) in the United States has reached unprecedented levels, with weekly inflows exceeding $3.1 billion. This surge in investment reflects the ongoing excitement surrounding Bitcoin’s remarkable price surge in recent months.
According to data from the crypto tracking platform SoSoValue, spot Bitcoin ETFs witnessed net inflows of $3.38 billion during the week of Nov. 18-22, marking a significant 102% increase from the previous week’s inflow of $1.67 billion. This milestone represents the largest weekly inflows ever recorded for spot Bitcoin ETFs and the seventh consecutive week of positive flows.
Leading the pack is BlackRock’s iShares Bitcoin Trust (IBIT), boasting $48.95 billion in net assets as of Nov. 22 and cumulative inflows totaling $31.33 billion. In comparison, the Grayscale Bitcoin Trust ETF holds $21.61 billion in net assets but has seen outflows exceeding $20 billion since its inception.
Investment products in the digital asset space have experienced a total of $37 billion in inflows year-to-date, as reported by CoinShares. The increase in ETF inflows has outpaced the initial reception of gold ETFs, which attracted only $309 million in their first year of trading.
Despite the strong inflows in the US market, CoinShares noted outflows from countries like Germany, Sweden, and Switzerland. Investors in these regions viewed the recent peak in Bitcoin prices as an opportunity to secure profits rather than increase their positions.
CoinShares data estimates total Bitcoin ETF inflows at $3.12 billion for the week, with additional inflows coming from short-Bitcoin products and optimistic markets in Australia, Canada, and Hong Kong.
This surge in weekly inflows coincided with BTC reaching a new all-time high of $99,655.50 on Nov. 22 before experiencing a minor correction. While the crypto asset fell short of the highly anticipated $100,000 milestone, it continues to trade strongly at $98,459.95.
As the market continues to evolve, investors are closely watching the trends in Bitcoin ETFs and leveraging opportunities to maximize their investment strategies. Stay informed with critical insights and market analysis by subscribing to the Markets Outlook newsletter. Join us every Monday for expert perspectives on investment opportunities, risk mitigation strategies, and trading insights. By subscribing, you agree to our Terms of Services and Privacy Policy.
