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U.S. Ether ETFs Post Record Inflows, Bitcoin ETFs Add Most in Two Weeks
The investment interest comes after ether added about 60% in a month.
Dec 6, 2024, 10:51 a.m.
What to know:
- A record net $428.5 million flowed into U.S. spot ether ETFs on Thursday.
- Bitcoin ETFs registered the biggest inflows since Nov. 21.
Net inflows into U.S. spot ether (ETH) exchange-traded funds (ETFs) have picked up in the past five days, with Thursday seeing a record $428.5 million.
The inflow was dominated by BlackRock's ETHA, which collected a net $292.7 million, also a record. In the past five days, the ether ETFs have seen almost $800 million in net inflows, according to data from Farside Investors.
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The flows come after the second-largest cryptocurrency by market cap has risen about 60% in the past month. It's currently trading at around $3,900.
"Spot ether ETFs now with over $1.3 billion net inflows since July launch," said Nate Geraci, president of the ETF Store. "They have done this despite nearly $3.5 billion of outflows from ETHE, no staking allowed, no options trading, no in-kind creation/redemption, and very limited access to major wirehouses (plus Vanguard)." ETHE is Grayscale's Ethereum Trust.
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The bitcoin (BTC) ETFs also recorded hefty inflows. The $766.7 million net accretion was the largest since Nov. 21.
The flows were dominated by BlackRock's iShares Bitcoin Trust (IBIT), which added $770.5 million in net inflows. IBIT continues to break all types of records. First, it crossed $50 billion in assets. Now, it has taken in $2.5 billion in five days, the most among any ETF, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
"IBIT has taken in more dollars this year than all but 2 of the 2,800+ ETF launches over the past 10 years have taken in during their total lifetime," Geraci said.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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