U.S.-listed spot crypto ETFs attracted significant net inflows on Wednesday, despite declines in the prices of ether and bitcoin, according to JPMorgan.
Ether ETFs saw approximately $84 million in net inflows on May 28, even as ether’s price dropped 1.3%. BlackRock’s iShares Ethereum Trust (ETHA) led inflows with $52 million, followed by Fidelity’s Ethereum Fund (FETH) at $26 million. Grayscale’s mini ETH Trust and Invesco/Galaxy’s QETH contributed $5 million and $2 million, respectively.
Notably, ether ETFs recorded a trading volume of $459 million, well above their average daily volume of $375 million since their July 2024 debut.
Bitcoin spot ETFs brought in an estimated $431 million in net inflows, primarily driven by BlackRock’s iShares Bitcoin Trust (IBIT), which alone accounted for $479 million. However, outflows from ARK 21Shares Bitcoin ETF (ARKB) and Fidelity’s FBTC, totaling $48 million, tempered gains.
Despite a 2.1% dip in bitcoin’s price, total trading volumes remained elevated at $3.5 billion—higher than the $2.8 billion daily average since January 2024.
According to Bloomberg, investors appear to be reallocating funds from gold into bitcoin ETFs, with $9 billion flowing into U.S. bitcoin ETFs over the last five weeks, while gold-backed funds saw $2.8 billion in outflows.
