The recent price resurgence for bitcoin can be largely attributed to the growing inflows to the spot BTC ETFs in the States, as the products saw their best three-day period since June.
At the same time, the landscape around the Ethereum ETFs is quite different, yet again.
Bitcoin ETFs on the Rise
Whether it’s the growing odds for the self-proclaimed pro-crypto US presidential candidate, Donald Trump, to win the upcoming elections or there’s another reason, investors have changed their overall perspective toward the spot Bitcoin ETFs in the past few days.
Data from FarSide shows massive inflows that started on Friday. After three days of net withdrawals from Tuesday to Thursday, the financial vehicles saw $253.6 million poured in on Friday, a whopping $555.9 million on Monday, and $371 million yesterday.
This brings the total for this period to $1,180.5 billion, which is the best three-day performance since June. Fidelity’s FBTC and Bitwise’s BITB led the pack on Monday, with $239.3 million and $100.2 million, respectively. BlackRock’s IBIT took the crown yesterday, with $288.8 million in net inflows.
Consequently, CryptoQuant determined that the total AUM for all US-based BTC ETFs has tapped a massive milestone of approximately $60 billion in today’s prices.
These impressive ETF numbers are perhaps the most probable reason behind BTC’s recent price rally. After all, the asset had dumped below $59,000 last Thursday and currently sits 13.5% higher at $67,000.
Familiar Landscape Around ETH ETFs
While the spot Bitcoin ETFs continue to enjoy massive demand, the same cannot be said about their Ethereum counterparts. The spot ETH ETFs continue to struggle to gain attention and have been in the red since their inception in late July due to the substantial outflows from the Grayscale fund.
They saw two days of no actual trading activity last week and a few of negligible inflows. The start of the current trading week was a bit more positive, with $17 million in net inflows on Monday, but Tuesday saw $12.7 million in net outflows.
Nevertheless, ETH’s price has also soared since last Thursday’s dump and is up by 7% on a weekly scale. As of now, the second-largest cryptocurrency sits above $2,600 after surging by 14% in the past month.
