Bitcoin ETFs are experiencing a remarkable turnaround as they report their first net-positive inflows since October. This significant development hints at a potential recovery phase for the crypto market.
According to SoSoValue data, Bitcoin ETFs recorded approximately $70.1 million in net inflows for the week ending November 28. The trading week was shortened due to the Thanksgiving holiday. Meanwhile, Ethereum ETFs demonstrated even more robust performance, with net inflows reaching around $312.6 million during the same period.
Bitcoin ETFs Regain Momentum
The positive inflows for Bitcoin ETFs mark a significant departure from the previous weeks. Just a week earlier, Bitcoin ETFs had experienced a $1.22 billion outflow, extending their negative streak to four consecutive weeks with cumulative losses exceeding $4.3 billion.
BlackRock Still Faces Challenges
Despite the overall positive trend, BlackRock’s leading IBIT fund saw $113.7 million in outflows on Friday. Although it recorded net inflows on Tuesday and Wednesday, the week ended with $137 million in net outflows. The IBIT fund remains the largest spot Bitcoin ETF by assets under management, holding around $70.7 billion worth of BTC, which constitutes about 3.9% of all Bitcoin in existence.
Last week’s recovery was notable, considering the previous week had seen $1.9 billion in outflows from global crypto exchange-traded products—one of the worst runs since 2019.
Ethereum ETFs Continue Positive Streak
Ethereum ETFs have also shown resilience, extending their inflow streak to five days. On Friday alone, they posted $76.55 million in net inflows, led by BlackRock’s ETHA fund with $68.27 million.
The nine spot Ethereum ETFs hold cumulative net inflows of $12.94 billion and total net assets of $19.15 billion, representing approximately 5.19% of Ethereum’s market cap. Despite a slight price retreat, Ethereum continues to show strength and potential for growth.
Solana ETFs Recover
After a brief stumble, spot Solana ETFs bounced back with $5.4 million worth of inflows on Friday. Grayscale’s GSOL led the inflows with $4.33 million, followed by Fidelity’s FSOL at $2.42 million. Although 21Shares’ TSOL fund saw $1.4 million in outflows, the overall trend for Solana ETFs remains positive.
BlackRock, known for managing the largest spot Bitcoin and Ethereum ETFs, has yet to file for a spot Solana ETF, which could be a significant development in the future.
The shifts in Bitcoin ETFs and Ethereum ETFs inflows are crucial indicators of market sentiment and potential recovery, offering investors renewed optimism.
