Interest in cryptocurrency investment products continues to grow. Spot Bitcoin ETFs have recorded their tenth consecutive week of inflows, driven by rising cryptocurrency prices. Meanwhile, spot Ethereum ETF inflows have significantly slowed.
Growth of Spot Bitcoin ETFs
Spot Bitcoin ETFs in the United States recently recorded their tenth consecutive day of inflows, with $223.03 million entering the funds on December 11. The majority of inflows amounting to $121.9 million were directed to Fidelity's FBTC. ARK and 21Shares' ARKB and Grayscale’s GBTC also received substantial investments, with inflows of $52.67 million and $20.13 million, respectively. Grayscale Bitcoin Mini Trust, Biwise's BITB, and VanEck’s HODL saw more modest inflows of $15.74 million, $12.16 million, and $2.87 million. However, Valkyrie’s BRRR fund was an outlier, reporting $2.44 million in outflows.
Deceleration in Ethereum ETFs
Spot Ethereum ETFs saw a significant 66% slowdown in inflows, recording $102.03 million on December 11. Most of these inflows were directed to BlackRock's ETHA, which attracted $74.16 million. Grayscale Ethereum Mini Trust, Biwise’s ETHW, and VanEck’s ETHV also recorded minor inflows, while Grayscale's ETHE fund reported $2.26 million in outflows. Cumulative net inflows for Ethereum ETFs stand at $1.97 billion currently.
Overall Cryptocurrency Market Trends
Bitcoin's price rose to $100,769 per coin, with Ethereum reaching $3,916, reflecting a positive trend in the cryptocurrency market. Trading volume for Bitcoin investment products was $3.94 billion, slightly lower than the previous day's $3.97 billion. The market is also influenced by expectations of a potential interest rate cut by the Federal Reserve due to recent inflation data.
Increasing Bitcoin and Ethereum prices have led to steady inflows into Spot Bitcoin ETFs, while Ethereum ETF inflows have slowed. Expected Federal Reserve policy changes continue to impact the market.
