US-listed Bitcoin, Ether ETF hits $38.3B in net revenue in year of launch
U.S. spot Bitcoin exchange-traded funds collected a staggering $35.66 billion in net revenue by 2024 — well ahead of previous industry estimates, while the spot's Ether ETF finished strong, with $349.3 million in net revenue over the past four trading days to reach $2.68 billion. Since its inception.
BlackRock's iShares Bitcoin Trust ETF (IBIT) led the pack with net income of $37.31 billion, while Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) rounded out the top three with $11.84 billion and $2.49 billion. The Bitwise Bitcoin ETF (BITB) has $2.19 billion, according to Farside Investors.
These net revenues beat the previous $14 billion first-year estimate from Alex Thorne, head of research at Galaxy Digital.
However, the year-end didn't end too strong, seeing Bitcoin ETFs shed $1.33 billion since December 19.
Five of the last six trading days were net inflows, with IBIT seeing the highest inflow of $188.7 million on December 24.
Spot Bitcoin ETF Flow Data from December 19 to December 27. Source: Farside Investors
A report by cryptocurrency exchange Binance released on October 25 found that nearly 80% of demand for spot Bitcoin ETFs came from retail, not institutions.
However, industry analysts such as Bitwise Chief Investment Officer Matt Hogan expect to see more institutional participation in 2025 as more clearing houses come online to trade spot Bitcoin ETFs.
Related: Bitcoin Price 2025 Cycle Target ‘Minimal' Starts at $175K – Analyst
It's one of the motivations behind Bitwise's bullish $200,000 Bitcoin price estimate for 2025, and VanEyck expects Bitcoin to top $180,000.
Ether ETFs end on a strong note
Spot Ether (ETH) ETFs have closed 2024 with net income of $2.68 billion since the launch of Ethereum products on July 23, according to Farside Investors.
Excluding costs from the converted Greyscale Ethereum Trust ETF (ETHE), it comes to $6.29 billion.
BlackRock's iShares Ethereum Trust ETF ( ETHA ) and Fidelity Ethereum Fund ( FETH ) put in $3.52 billion and $1.56 billion respectively.
The low-fee Grayscale Ethereum Mini Trust ETF (ETH) finished with the third highest net income at $608.1 million, while the Bitwise Ethereum ETF (ETHW) recently crossed the $400 million mark.
Spot Bitcoin ETF Flow Data from December 19 to December 27. Source: Farside Investors
While ETH will underperform Bitcoin and Solana (SOL) in 2024, Bitwise expects it to bounce back in 2025 and reach a high of $7,000.
Ryan Rasmussen, head of bitcoin research at Haugan and Bitwise, attributed the rise in speculation to increased activity in Ethereum layer 2s, more spot Ether ETF flows and “huge growth” in stablecoins and real-world asset tokens.
Magazine: Back 2025: Is Ethereum Ready to Meet Bitcoin and Solana?
Additional reporting by Ciaran Lyons
