Posted: November 16, 2024

• Bitcoin and Ethereum ETFs saw outflows for the first time post-Trump’s victory.
• Despite recent outflows, analysts predicted potential price surges for Ethereum and Bitcoin ETFs.

Donald Trump’s victory as the 47th President of the United States sparked a significant surge in the cryptocurrency market, with Bitcoin [BTC] surpassing its previous all-time highs and altcoins following suit.

This bullish momentum was accompanied by a wave of investments into spot Bitcoin and Ethereum [ETH] exchange-traded funds (ETFs), reflecting growing investor confidence.

Ethereum and Bitcoin ETF update

From November 5th to 13th, Ethereum ETFs saw substantial inflows of $796.2 million. Bitcoin ETFs had even higher inflows of $4.73 billion between November 6th and 13th, highlighting rising interest in digital assets.

However, on the 14th of November, data from Farside Investors revealed that Bitcoin ETFs experienced a net outflow of $400.7 million across eleven funds. This coincided with a 2% drop in Bitcoin’s price, which stood at $89,164.

Similarly, Ethereum ETFs faced outflows totaling $3.2 million, as Ethereum’s price fell by 2.89%, and was trading at $3,099, at press time.

This decline in both Bitcoin and Ethereum prices mirrored the outflow in ETF investments, signaling a brief shift in market sentiment.

Among Bitcoin ETFs, only BlackRock’s IBIT and VanEck’s HODL saw positive inflows, attracting $126.5 million and $2.5 million, respectively.

Meanwhile, other Bitcoin ETFs, including Fidelity’s FBTC and Ark’s 21Shares ARKB, experienced significant outflows of $179.2 million and $161.7 million. Several other funds recorded minimal or zero flows.

On the Ethereum ETF side, BlackRock’s ETHA recorded inflows of $18.9 million, and Invesco’s QETH saw modest inflows of $0.9 million.

However, most Ethereum ETFs experienced zero movement, with Grayscale’s ETHE suffering the largest outflows at $21.9 million.

Optimism surrounds ETFs

Despite the recent downturn, the cryptocurrency community remained optimistic, with no negative feedback regarding either Bitcoin or Ethereum ETFs.

Discussions have emerged around Bitcoin ETFs potentially surpassing the holdings of Bitcoin’s creator, Satoshi Nakamoto.

According to analysts Shaun Edmondson and Bloomberg’s Eric Balchunas, U.S. spot Bitcoin ETFs have accumulated approximately 1.04 million BTC, nearing Satoshi’s estimated holdings of 1.1 million BTC.

Additionally, co-founder of Bankless, Ryan Sean Adams noted that while Ethereum ETFs had experienced significant outflows, this dynamic might change as inflows start to turn positive.

Adams believes this shift could be a major catalyst, predicting it could pave the way for Ethereum’s price to soar, potentially reaching $10,000.

He put it best when he said that ETH ETF is a

“Recipe for an ETH rocket to $10k.”