IBIT and FBTC rank among global ETFs in terms of income streams.
Key receivers
BlackRock's IBIT and Fidelity's FBTC represent 1.9% of total global inflows, ranking 15 global FBTs for inflows in 2024, with Bitcoin ETFs outpacing Ethereum ETFs.
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Spot crypto exchange-traded funds (ETF) in the US represent nearly 1.9% of total global flows, with BlackRock's IBIT and Fidelity's FBTC among the top 15.
Eric Balchunas, senior ETF analyst at Bloomberg, shared that year-to-date inflows are $911 billion. BlackRock's spot Bitcoin (BTC) ETF IBIT ranks third, with nearly $20.5 billion in inflows, bested only by the Vanguard S&P 500 ETF ( VOO ) and its own iShares Core S&P 500 ETF.
Meanwhile, Fidelity's FBTC totaled $9.8 billion, solidifying the 14th highest revenue.
According to data from Farside Investors, US-traded spot Bitcoin ETFs will reach $17.5 billion in net inflows by 2024. However, that's dwarfed by the $440 million in outflows recorded by spot Ethereum (ETH) ETFs so far.
Balchunas has been an active voice in praising the performance of Bitcoin ETFs in terms of volume and earnings, where they were launched this year. In March, the analyst expressed his surprise when the BTC ETF's daily volume exceeded $10 billion. “These are banana numbers for ETfs less than 2mo old.”
Moreover, Balchunas was surprised again when Bitcoin ETFs recorded positive net inflows on daily, weekly and monthly time frames during the German government's devaluation of nearly 50,000 BTC in early July.
Ethereum ETFs are loaded for a variety of reasons
As reported by Crypto Briefing, BlackRock's Ethereum ETF ETHA surpassed $1 billion yesterday. This is a big milestone to hit as it is approaching a month since the launch of Ethereum EFAs.
However, the performance of these funds still pales in comparison to the resilience shown by Bitcoin ETFs. In the new “Bitfinex Alpha” report, Bitfinex analysts point to various reasons behind this difference.
The first was the selling pressure created by market maker Jump Trading. More than 83,000 ETH has been unloaded on the market since August 9. In addition, Wintermutt and Flow traders sold Ethereum, raising the amount dumped to 130,000 ETH.
In particular, these selling moves come when the market is facing liquidity problems, making it difficult to absorb large ETH dumps. Additionally, Greyscale ETHE's roughly $2.5 billion in outflows is another significant factor driving Ethereum's ETHs lower.
Finally, Japan's sudden interest rate hike, uncertainty surrounding the outcome of the US presidential election and tensions in the Middle East paint a subdued macroeconomic picture, with a direct impact on ETH's performance.
As a result, investors seem to be avoiding ETH for the time being and therefore have a direct impact on the net flows of Ethereum ETFs.
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