Bitcoin ETF inflows remain dominant, Ethereum ETFs not far behind – What’s next?
12/09/2024 20:30Ethereum and Bitcoin ETF hits milestones with record net inflows and price rallies, signaling strong institutional demand.
- Ethereum, Bitcoin ETF trends were positive all through the past week.
- BTC has dropped slightly from its ATH of $100,000, while ETH also fell below its $4,000 price level.
The Bitcoin [BTC] and Ethereum [ETH] ETFs had an eventful week, with both achieving significant milestones as their prices rallied.
While Bitcoin ETFs reached an all-time high in net assets, Ethereum ETFs set a new record for weekly inflows, signaling heightened institutional interest in the crypto market.
Bitcoin ETF hits new all-time high
The Bitcoin ETF market experienced remarkable growth last week, coinciding with Bitcoin’s price surge to a new all-time high.
Data from SosoValue revealed that Bitcoin ETFs held a record net asset of $112.74 billion at press time, accounting for 5.62% of Bitcoin’s total market capitalization.
Net inflows for the past week totaled $2.73 billion, with positive flows recorded on all days. BlackRock’s IBIT, the world’s largest BTC ETF, attracted the lion’s share of these inflows, receiving over $2.6 billion.
This reinforces BlackRock’s dominant position in the ETF space and highlights the growing institutional appetite for BTC exposure.
Ethereum ETF breaks weekly net inflow records
Ethereum ETFs mirrored Bitcoin’s success, achieving a milestone of their own.
Weekly net inflows hit $836.69 million, the highest in Ethereum ETF history, pushing the total assets under management to a record $13.6 billion.
For the first time since their approval, Ethereum ETFs recorded two consecutive weeks of positive net inflows, a significant shift in investor sentiment.
On the 5th of December, Ethereum ETFs set another record, registering $428.44 million in daily net inflows, the highest ever for the asset class.
These inflows demonstrate a growing confidence in Ethereum’s potential as a long-term investment, driven by its expanding utility in DeFi and smart contracts.
Bitcoin price consolidates after historic rally
Bitcoin’s price was $98,521 at press time, reflecting a healthy consolidation phase after its sharp rally past the $100,000 mark.
The 50-day moving average has crossed above the 200-day moving average, forming a golden cross—a strong bullish indicator.
With an RSI of 61, Bitcoin maintains room for further upward movement while remaining in a stable trading range.
With their record-breaking $112.74 billion in net assets, Bitcoin ETFs underscore the asset’s continued dominance in institutional portfolios.
Investors still view Bitcoin as a reliable store of value, even as Ethereum gains attention for its growth potential.
Ethereum’s price momentum aligns with ETF growth
Ethereum’s price, at $3,888, has seen a slight pullback after recently crossing the $4,000 mark. However, its bullish technical indicators remained intact.
The golden cross between the 50-day and 200-day moving averages pointed to further upside potential. Meanwhile, an RSI of 65 suggested Ethereum was nearing overbought levels but still has room for growth.
The record inflows into Ethereum ETFs aligned with this price momentum, reflecting institutional confidence in Ethereum’s long-term prospects.
These inflows could catalyze sustained price appreciation, further solidifying Ethereum’s position as the leading alternative to Bitcoin.
Bitcoin and Ethereum ETFs are breaking records, driven by rising institutional demand and strong price momentum.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
While Bitcoin retains its dominance as a store of value, Ethereum’s explosive weekly inflows highlight its growing role as a dynamic growth asset.
These developments mark a pivotal moment for the cryptocurrency ETF market, underscoring the increasing integration of digital assets into traditional financial portfolios.