Spot crypto exchange-traded funds (ETFs) witnessed a resurgence at the week’s closure, drawing interest for Bitcoin, Ether, and Solana funds after a period marked by volatility and declines.
On Friday, spot Bitcoin (BTC) ETFs garnered $238.4 million in net inflows following a significant redemption wave the previous day. BlackRock’s IBIT was a key player, attracting $108 million, with additional support coming from BITB, ARKB, and BTCO, which contributed to improving market sentiment. Furthermore, Grayscale’s GBTC, which faced heavy outflows in the past, managed to add $61.5 million, according to data from Farside Investors.
This recovery came in the wake of a $903 million withdrawal on Thursday, marking it as the largest single-day outflow in November and one of the biggest ever since these products launched in January 2024.
Throughout the day, nearly every issuer experienced redemptions, notably IBIT, which saw a loss of $355.5 million, with FBTC pulling $190.4 million and GBTC facing $199.4 million in outflows.
Bitcoin ETFs attract $238 million. Source: Farside Investors
Ether Funds End Eight-Day Outflow Streak
After eight consecutive days of withdrawals, Ether (ETH) ETFs finally experienced a turnaround with $55.7 million in inflows on Friday, largely driven by Fidelity’s FETH, which alone contributed $95.4 million.
This positive shift follows a challenging period from November 11 to 20, during which Ethereum funds experienced a combined loss of $1.28 billion—one of the longest and most severe downturns since their inception.
Simultaneously, Solana (SOL) ETFs have consistently outperformed the wider altcoin market. To date, five Solana funds have attracted $510 million in net inflows, primarily led by Bitwise’s BSOL, which garnered $444 million, achieving a 10-day inflow streak.
Ether Traders Cautiously Increase Long Positions
This week saw Ether prices plummet sharply, with a 15% decline observed between Wednesday and Friday, liquidating $460 million in leveraged long positions. Despite this downturn and a 47% drop since hitting an all-time high in August, data reveals that top traders are cautiously increasing their long exposure. Futures funding rates have climbed from 4% to 6%, suggesting early stabilization signs, even though bullish sentiment remains limited.
