Crypto ETFs hit record highs: $6.5B for Bitcoin, $1.1B for Ether

The demand for US exchange-traded funds (ETFs) linked to the biggest digital assets like Bitcoin (BTC) and Ether (ETH) has reached unprecedented levels fueled by President-elect Trump’s pro-crypto stance. The bullish sentiment peaking can be directly seen in the rising Bitcoin price.

The cumulative digital assets market cap jumped marginally over the day to stand at $3.43 trillion. Its 24 hour trading volume spiked by 18% to hit the $181 billion mark. Analysts suggest that the Bitcoin balance of the crypto exchange is drying up amid high buying pressure.

Ether ETFs attracted $466M last week

According to reports, November 2024 saw Bitcoin ETFs attracting $6.5 billion in net inflows, while Ether ETFs garnered $1.1 billion. These figures represent all-time highs for both assets as crypto bulls took over after much anticipated Donald Trump’s US Presidential election win.

With a Bitcoin surge, a climbing interest in Ether signals a growing speculative appetite for crypto. On Nov 29, nine Ether ETFs recorded a $333 million net inflow, with major players like BlackRock and Fidelity leading the charge. BlackRock’s ETHA has seen a cumulative inflow of $2.10 billion of inflow till now.

Data provided by SosoValue shows that Ether ETFs pulled in over $466 million in the last week of November, while it saw an outflow of $71.60 million in the prior week. ETH price surged by 48% in the last 7 days. The biggest altcoin is trading at an average price of $3,691, at the press time.

Bitcoin approached $100K in November but couldn’t make it through. However,  Ether has outperformed Bitcoin since Trump’s election, though it has yet to hit new highs. BTC is trading at an average price of $96,892, at the press time.

At the moment, XRP is printing huge green indexes as investors anticipate a reversal of the SEC crackdown. Some firms are already looking to launch XRP-focused ETFs. Trump has vowed to overhaul regulatory approaches, remove restrictions, and build more crypto-friendly policies. XRP price is up by 376% in the last 30 days. Ripple’s native crypto is trading at an average price of $2.44, at the press time. It is now the 3rd biggest crypto asset with a market cap of over $140 billion.

Bitcoin balances on exchanges declining?

Markus Thielen suggested in a post that Bitcoin balances on exchanges are rapidly decreasing, with no large inflows replenishing inventory as seen earlier this year. Only three exchanges—Bitfinex, Binance, and Coinbase currently have sufficient Bitcoin inventory, he added.

Recent inflows into Bitcoin have been substantial which indicates that a bearish outlook is premature. Bitcoin is not only a topic at Thanksgiving dinners, but it’s also set to be a key discussion point during Christmas. He highlighted that the crypto market capitalization has now reached $3.43 trillion, with BTC’s dominance decreasing from 60% to 56%. This shift may signal the beginning of altcoin season, a phenomenon often driven by market sentiment.

Since Trump’s election, the crypto market has seen a $1.2 trillion surge. This rally, building on the momentum of pro-crypto policies, is revitalizing the sector after the 2021 downturn.

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