In the United States, spot Bitcoin exchange-traded funds have now recorded ten days of inflows. On December 11th, as Bitcoin regained its $100,000 level, $223.03 million entered the funds.
According to data from SoSoValue, on December 11, Fidelity’s FBTC received $121.9 million in fresh investments, bringing its inflow streak to ten days. Grayscale’s GBTC, ARK, and 21Shares’ ARKB funds also made substantial contributions; the former received $20.13 million, and the latter $52.67 million.
Bitcoin ETF Inflows and Neutral Trends
There were also smaller inflows of $15.74 million to the Grayscale Bitcoin Mini Trust, $12.16 million to Biwise’s BITB, and $2.87 million to VanEck’s HODL funds. The lone anomaly, though, was Valkyrie’s BRRR fund, which reported $2.44 million in withdrawals that day.
On December 11, other bitcoin exchange-traded funds (ETFs) maintained their neutrality. One of these is BlackRock’s IBIT, which has $25.06 billion in assets since its introduction.
There was a small decrease from the previous day’s overall trading volume of $3.97 billion to Dec. 11’s $3.94 billion for Bitcoin investment products. Up to the time of writing, $34.58 billion had been deposited into the twelve Bitcoin exchange-traded funds (ETFs).
These investments occurred at the same time as Bitcoin’s recent surge, which caused the cryptocurrency to rise above $100,000 and hit a high of almost $102,000. Recent inflation statistics in the US have heightened expectations of a possible interest rate drop by the Federal Reserve, which led to this increase.
Ethereum ETF Inflows Drop, Bitcoin ETFs Rise
Net inflows into spot Ethereum ETFs slowed to $102.03 million on December 11, down 66% from the 305.74 million observed the day before. According to SoSoValue statistics, the vast majority of capital movements (74.16%) went into BlackRock’s ETHA fund. The next was Grayscale.
Ethereum Mini Trust, which raised $13.38 million. In addition, ETHW (Biwise), ETHV (VanEck), and EZET (Franklin Templeton) all received $8.23 million, $5.6 million, and $2.91 million in funding, respectively. However, on December 11th, Grayscale’s ETHE fund announced $2.26 million in withdrawals, increasing the total withdrawals since its debut to $3.5 billion.
At the time of reporting, Bitcoin ETFs had received a total of $1.97 billion in net inflows. Digital currency Ethereum (eth5.92%)The price of Ethereum also rose, with a 7.2% increase over the previous day bringing the coin’s worth to $3,916. With a 3.7% increase to $3.81 trillion, the whole market capitalization of cryptocurrencies rose.
Summary
On December 11, 2024, Bitcoin ETFs saw inflows totalling $223.03 million, driven by Bitcoin’s surge back to $100,000. Fidelity’s FBTC led with $121.9 million, marking a ten-day inflow streak. Other funds like Grayscale’s GBTC and ARK’s ARKB also saw substantial contributions. However, Valkyrie’s BRRR fund had withdrawals of $2.44 million.
Ethereum ETFs experienced slower inflows, totalling $102.03 million, with most funds, like BlackRock’s ETHA and Grayscale’s Ethereum Mini Trust, receiving contributions. Grayscale’s ETHE fund reported $2.26 million in withdrawals. Overall, the cryptocurrency market saw a rise in market capitalization, with Bitcoin and Ethereum prices reaching $102,000 and $3,916, respectively.
FAQs
Which Bitcoin ETFs saw the highest inflows?
Fidelity's FBTC saw the most significant inflow of $121.9 million, followed by Grayscale's GBTC and ARK’s ARKB funds.
Did any Bitcoin ETF report withdrawals on December 11?
Yes, Valkyrie’s BRRR fund had $2.44 million in withdrawals on that day.
How did Ethereum ETF inflows compare to Bitcoin ETFs?
Ethereum ETF inflows slowed to $102.03 million, down 66% from the previous day, while Bitcoin ETF inflows continued to rise.
What was the overall market impact on December 11, 2024?
Both Bitcoin and Ethereum saw price increases, contributing to a rise in the total cryptocurrency market capitalization to $3.81 trillion.
