Ethereum ETFs Hit New Weekly Inflow Record, Bitcoin ETFs Regain Huge Buying Power

The first week of December 2024 saw a surge in buying power for both Bitcoin ETFs and Ethereum ETFs as BTC surpassed the $100,000 mark, while ETH also returned to the $4,000 threshold.

According to data from Farside Investors, 11 US Bitcoin spot ETFs regained growth momentum with a total inflow of $2.73 billion last week. This achievement has overcome all the damage from last week, when ETFs unexpectedly had an outflow of $135 million, breaking a 7-week streak of continuous net buying and even being surpassed by Ethereum ETFs for the first time in terms of buying volume.

BlackRock's "locomotive" IBIT continues to show its strength by contributing $2.29 billion in purchases last week, accounting for 83.5% of inflow, overwhelming all other names. The inflow would have been even higher had Grayscale’s GBTC fund not returned to its usual mining fund sell-off last week, with a total of $303.5 million.

However, the weekly inflow record for US Bitcoin ETFs is still $3.35 billion for the trading week of November 18-22, 2024.

In addition, software company MicroStrategy bought another $1.5 billion last week, bringing its total purchases since the beginning of November to $13.5 billion, with an average purchase cost of $58,400/BTC and a current yield of 71%.

That was enough for Bitcoin to conquer the $100,000 mark for the first time in its 16-year history on December 5, with the ATH peak reaching $103,680. However, BTC then experienced a sharp correction to over $10,000 in price due to a wave of liquidations in the derivatives market, but quickly recovered afterwards to return to the $100,000 price range heading into the weekend.

As reported, the total amount of Bitcoin purchased by US Bitcoin ETFs in the 11 months since their launch has surpassed 1.1 million BTC, surpassing the giant Bitcoin hoard believed to be owned by founder Satoshi Nakamoto.

KING OF THE HILL: The US spot ETFs have just passed Satoshi in total bitcoin held, now hold more than 1.1m, more than anyone in the world, and they're not even a year old yet, literally babies still. Mind blowing. h/t @EdmondsonShaun for the data pic.twitter.com/FQBIGGz5ei

— Eric Balchunas (@EricBalchunas) December 6, 2024

Meanwhile, Ethereum ETFs continued their streak of success with total inflows in the past trading week reaching $836.8 million, breaking the record of $533.9 million set in mid-November. The December 5 trading session with a purchase amount of $428.5 million was also the highest daily inflow since the ETH ETF was licensed in late July.

Similar to BTC ETFs, the main buying force of ETH ETFs came from BlackRock's ETHA fund with a total weekly value of $538.3 million, followed by Fidelity's FETH with $295.8 million.

Ethereum price in the past 24 hours has also conquered the $4,000 mark for the first time in 9 months, and is now only one 18% increase away from the ATH peak of $4,878 in November 2021.