Spot Bitcoin ETFs Draw $129M, Ethereum ETFs Gain $78M Amid Price Stability

Spot Bitcoin ETFs Pull In $129M, Ethereum ETFs Add $78M as Prices Hold Strong

Summary: On November 25, Spot Bitcoin exchange-traded funds (ETFs) experienced a remarkable influx of $129 million, while Ether spot ETFs brought in an additional $78 million, showcasing renewed interest from investors.

Key Takeaways:

Spot Bitcoin ETFs and Ether ETFs demonstrated strong performance on November 25, achieving net inflows of $129 million and $78 million, respectively.
Grayscale’s newly launched Dogecoin ETF recorded a trading volume of $1.4 million on its debut.
The first day for spot XRP ETFs saw impressive inflows of nearly $130 million.

Fidelity Wise Origin Bitcoin Fund (FBTC) emerged as the leader of the day with $170.80 million in inflows, while BlackRock’s iShares Bitcoin Trust (IBIT) followed closely with $83.01 million, based on data from SoSoValue. Other funds, including Bitwise Bitcoin ETF (BITB) and Ark 21Shares Bitcoin ETF (ARKB), experienced notable outflows, indicating a mixed sentiment among smaller issuers.

As it stands, cumulative inflows for all spot Bitcoin ETFs have reached an impressive $57.61 billion, with trading activity remaining robust at over $4.69 billion in daily volume.

Ether ETFs Experience $78M in Inflows

Ether spot ETFs accumulated $78.58 million in net inflows on November 25, marking the third day in a row of positive momentum in the market. The BlackRock iShares Ethereum Trust (ETHA) led this surge with $46.09 million in inflows, while the Fidelity Ethereum Fund (FETH) followed closely with $47.54 million, showcasing substantial interest from institutional investors.

Additionally, the Grayscale Ethereum Mini Trust (ETH) added $8.29 million. However, the Grayscale Ethereum Trust (ETHE) faced a significant $23.33 million outflow, continuing a trend of redemptions.

On another note, Grayscale’s newly launched spot Dogecoin ETF (GDOG) debuted to a trading volume of $1.4 million, falling short of analyst expectations for $12 million, yet still landing within the average range for new ETF launches.

Looking ahead, a second spot Dogecoin ETF by Bitwise (BWOW) is set to commence trading, further broadening investor access to DOGE. These new ETFs emerge amidst a larger wave of cryptocurrency ETF launches following eased listing rules from the SEC.

In contrast to the earlier DOJE fund, which was restricted from directly holding Dogecoin and had a more robust debut of $17 million, both Grayscale and Bitwise’s offerings can hold the token directly due to their filing structure.

Furthermore, newly introduced spot XRP ETFs attracted significant attention, with nearly $130 million in inflows on their inaugural day. ETF analysts Eric Balchunas and James Seyffart predict that the surge in Dogecoin and XRP product launches could just be the start, with over 100 new crypto ETFs anticipated over the next six months.

Bitcoin Breaks Tradition as Analysts Note Return of Whale Demand

As November comes to a close, Bitcoin appears set to finish in negative territory, breaking its seasonally strong performance trend. Traditionally, November has yielded average gains exceeding 40%, but Bitcoin is currently trading over 20% below its opening for the month, causing skepticism regarding the relevance of seasonal patterns, especially after October also failed to secure positive results.

Analysts at Bitfinex attribute this recent downward trend to excessive buying activity between the price ranges of $106,000 and $118,000, with many of those investors now facing losses. Short-term holders are particularly feeling the strain as Bitcoin trades below their average entry point of $86,787 — an occurrence that has only happened three times since early 2024.

XWIN Research Japan suggests that Bitcoin may continue to fluctuate between $60,000 and $80,000 until the end of December, contingent on whether the Federal Reserve maintains interest rates in the upcoming FOMC meeting next month.