In the world of crypto, the U.S. spot Bitcoin ETFs are making waves with their assets under management (AUM) rocketing to a whopping $60 billion! It's like a rollercoaster ride for Bitcoin prices, soaring thanks to a surge in spot BTC ETF inflows in the States. These ETFs just had their best three-day run since June, and it's got everyone buzzing.
Could it be the influence of pro-crypto presidential hopeful Donald Trump, or is there another reason behind this shift in investor sentiment towards Bitcoin ETFs? Whatever the cause, folks have been changing their tune in recent days.
The data is as exciting as a thriller novel! It all kicked off on Friday, with a massive $253.6 million influx. Then came Monday, with an eye-popping $555.9 million, and by yesterday, another $371 million rolled in. That's a jaw-dropping total of $1,180.5 billion in just three days, marking the strongest performance since June. Leading the charge on Monday were Fidelity’s FBTC and Bitwise’s BITB, with BlackRock’s IBIT stealing the show with $288.8 million in inflows on Tuesday.
CryptoQuant now says the total AUM for all U.S.-based BTC ETFs has hit a jaw-dropping milestone of about $60 billion. It's no wonder Bitcoin's price has been on a joyride, rebounding from last Thursday's dip below $59,000 to a sunny $67,000, a 13.5% surge!
But while Bitcoin ETFs are basking in the spotlight, their Ethereum counterparts are feeling a bit like the underdog. Spot ETH ETFs have been struggling to catch investors' eyes since their debut in late July, thanks to substantial outflows from the Grayscale fund. Last week was particularly quiet, with two trading days showing zilch activity and only a few measly inflows. Monday brought a glimmer of hope with $17 million in net inflows, but Tuesday saw $12.7 million slipping away.
Despite their struggles, Ethereum's price is still on an upward swing, climbing 7% over the week. As of now, ETH is comfortably sitting above $2,600, having surged 14% in the past month. So, while Bitcoin may be stealing the show, Ethereum isn't out of the race just yet!
