The week of November 18–22, 2024, marked a historic moment for cryptocurrency markets. Bitcoin’s price surged past $99,000 on Friday morning, nearing the highly anticipated $100,000 milestone. However, short-term resistance kept it just below this critical level.
The record-breaking price movement coincided with unprecedented activity in Bitcoin spot ETFs and a new all-time high for the cryptocurrency market cap at $3.4 trillion. These developments underscore growing institutional interest, fueled by U.S. spot Bitcoin ETF inflows and bullish options activity.
Bitcoin ETFs Drive Weekly Inflows
Bitcoin ETFs played a major role in the market’s record-breaking week. Bitcoin ETFs saw their largest-ever weekly inflow, with a staggering $3.38 billion added. In contrast, Ethereum ETFs experienced a $68.5 million net outflow.
This sharp divergence signals a split in investor sentiment between the two leading cryptocurrencies. Institutional interest in Bitcoin ETFs continues to grow, while enthusiasm for Ethereum-based products appears to be waning.
Bitcoin ETFs Achieve Unprecedented Inflows
Bitcoin ETFs showed remarkable strength during the week, with inflows led by BlackRock’s IBIT fund. IBIT added 21,304 BTC, valued at $2.05 billion. This increase brought IBIT’s total holdings to 492,633 BTC, worth $48.62 billion. The fund dominated Bitcoin ETF inflows, contributing the majority of the $3.38 billion total.
Daily activity highlighted significant momentum. On November 7, Bitcoin ETFs recorded inflows of $1.37 billion. IBIT alone accounted for $1.12 billion, representing 81.5% of the day’s total inflows.
ETH ETFs Hit Record Inflows as Bitcoin ETFs See Strong Gains
Other contributors included FBTC, which added $190.9 million, and smaller funds like HODL and BTCW. However, the week also saw outflow pressure. November 4 recorded the largest single-day outflow, with $563.7 million leaving Bitcoin ETFs. Major outflows came from FBTC ($169.6 million), IBIT ($138.3 million), and GBTC ($63.7 million).
Ethereum ETFs Face Persistent Outflows
While Bitcoin ETFs thrived, Ethereum ETFs struggled during the same period. Outflows were recorded on four out of five trading days, resulting in a $68.5 million net loss. November 14 saw the largest single-day outflow, with $400.7 million withdrawn.
Leading contributors to this loss were ARKB, which lost $161.7 million, FBTC with $179.2 million, and GBTC at $69.6 million. These outflows stand in stark contrast to the previous week, when Ethereum ETFs recorded their highest-ever inflows. The reversal suggests a decline in investor confidence for Ethereum-based products.
