Spot Ether ETFs’ record inflow streak snaps

Spot Ether ETFs hosted an outflow of $38.2 million last week, bringing an end to an unprecedented streak of weekly inflows to the funds. Over the previous five weeks, $2.57 billion had flowed into spot Ether ETFs.

Spot Ethereum exchange-traded funds (ETFs) hosted their first weekly outflow in six weeks, with $38.2 million exiting the sector during the week ending January 3, according to SoSoValue.

The dip marks the funds’ second weekly outflow since October, with investors piling $3.18 billion into the sector during the preceding nine weeks. The bullish momentum nearly doubled the market cap of spot Ether ETFs from $6.82 billion on October 25 to $13 billion today, also driving a cumulative net inflow of $2.64 billion.

Weekly spot Ether ETF flows. Source: SoSoValue.

The outflow came in spite of Ether’s price gaining 7% over the past seven days to last change hands for $3,661, according to CoinGecko. However, ETH trended sideways between $3,300 and $3,400 during most of last week, marking consolidation following the abrupt mid-December crash from $4,000 to $3,100.

Bitcoin ETF flows flip bullish

By contrast, spot Bitcoin ETFs hosted a weekly inflow of $245 million during the week of January 3.

The bullish weekly performance was driven by January 3 hosting the fourth-strongest daily inflow on record, with $908 million flowing into the funds in one day.

Weekly spot Bitcoin ETF flows. Source: SoSoValue.

The Jan. 3 inflow coincided with the price of BTC rallying from an intraday low of $96,000 to a high of $98,547. However, BTC is up 6.1% over the past seven days, ranking Bitcoin as the second-weakest top 10 non-stablecoins cryptocurrency by market cap.

More than $35.9 billion has flowed into spot Bitcoin ETFs after 12 months of operation, offsetting $21.5 billion outflows from the Grayscale Bitcoin Trust (GBTC) ETF. The sector now boasts a combined market cap of $111.35 billion, accounting for 5.72% of Bitcoin’s entire capitalization.

IBIT tops 2024 ETF leaderboard

BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the largest spot Bitcoin ETF with a $54.26 billion market cap, followed by Fidelity’s FBTC and Grayscale’s GBTC with roughly $20.2 billion each.

IBIT ranked as the third-largest ETF across all sectors by 2024 inflows, with $37 billion, sitting behind S&P 500 ETFs from Vanguard and BlackRock with $122 billion and $49 billion, according to Yahoo Finance.