Key Highlights:
- U.S. spot crypto ETFs experienced robust inflows on Wednesday, as noted by JPMorgan.
- The bank reported net sales of $84 million for spot ether ETFs, alongside $431 million for bitcoin products.
U.S.-listed spot crypto exchange-traded funds (ETFs) attracted strong net inflows on Wednesday, with both ether (ETH) and bitcoin (BTC) products continuing to pique investor interest, despite downward movements in their underlying asset prices, according to a report by JPMorgan.
On May 28, U.S. spot ether ETFs recorded approximately $84 million in net inflows, as investor interest persisted amid a 1.3% dip in ether’s value.
Leading the inflows were BlackRock’s iShares Ethereum Trust (ETHA), which gained $52 million, followed by Fidelity’s Ethereum Fund with $26 million, while Grayscale’s mini ETH Trust and Invesco/Galaxy’s QETH contributed $5 million and $2 million, respectively. Notably, ether ETFs achieved a notional trading volume of $459 million, exceeding their average daily volume of around $375 million since their inception in July 2024.
Conversely, spot bitcoin ETFs generated an estimated $431 million in net inflows, propelled primarily by BlackRock’s iShares Bitcoin Trust, which alone attracted $479 million in new investments.
The notable inflow was partially countered by redemptions from ARK 21Shares Bitcoin ETF and Fidelity’s FBTC, which experienced outflows of $34 million and $14 million, respectively.
Despite a 2.1% decline in bitcoin’s price, the total trading volumes remained high, totaling $3.5 billion, contrasting with the historical average of $2.8 billion per day since its launch in January 2024.
In a recent report, Bloomberg suggested that investors are shifting from gold to bitcoin ETFs, with U.S. bitcoin ETFs accumulating $9 billion in inflows over the last five weeks, compared to $2.8 billion in outflows from gold-backed funds.
