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US Spot Crypto ETFs Record Massive Inflows, Followed by Profit-Taking Outflows
- Bitcoin ETFs saw nearly US$5B inflows post-election, with BTC hitting US$93.8K before outflows on Thursday and Friday.
- Ethereum ETFs had record inflows of US$533.9M, ending the week positively for the first time.
- Bitcoin and Ethereum prices peaked midweek, reflecting ETF activity, then declined slightly.
The recent US presidential elections have sparked notable shifts in the cryptocurrency market, particularly in Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs).
While Bitcoin ETFs saw record-breaking inflows, Ethereum ETFs also recorded a strong performance, though both experienced fluctuations by the end of the week.
The momentum extended into the following week, with an inflow of US$1.114B (AU$1.72B) on Monday alone, followed by US$817.5M (AU$1.26B) on Tuesday and US$510.1M (AU$788.5M) on Wednesday, according to SoSo Value data. This brought the total post-election inflows to almost US$5B (AU$7.73B).
The Bitcoin price soared to an all-time high of US$93.8K (AU$145K) on Wednesday during this period.
However, the latter half of the week showed a shift in investor behavior. Thursday and Friday saw net outflows of US$400.7M (AU$619.74M) and US$239.6M (AU$370.58M), respectively, raising questions about the sustainability of the earlier momentum. Despite the pullback, the net inflows for the week still stood at an impressive US$1.801B (AU$2.78B).
Related: SEC in Hot Water: 18 States Sue as Gensler’s Crypto Freeze Backfires
Ethereum ETFs End the Week in Positive Territory
Ethereum ETFs also had a record-breaking start to the week. Monday through Wednesday brought inflows of US$295.5M (AU$455M), US$135.9M (AU$209.9M), and US$146.9M (AU$225.6M), respectively. These gains marked the strongest week ever for Ethereum ETFs, pushing the total weekly inflows to US$533.9M (AU$824.9M).
But the trend shifted on Thursday and Friday, with modest outflows of AU$3.2M (AU$4.94) and US$41.2M (AU$63.6M), according to SoSo Value data.
Despite these declines, the overall weekly performance remained firmly in the green, signifying the first time Ethereum ETFs have achieved an overall positive position.
Related: XRP Rallies as Societe Generale Pumps Up Ledger with MiCA-Compliant Stablecoin
The Ether price mirrored the ETF activity, peaking at US$3.5K (AU$5.41K) midweek before retracing to AU$3.1K (AU$4.7K) by the end of the week.
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
