The U.S. market witnessed an intriguing shift as spot Ethereum exchange-traded funds (ETFs) outpaced Bitcoin ETFs during the Thanksgiving week. Data from SoSoValue revealed that from Nov. 22 to Nov. 27, nine Ether ETFs recorded inflows of $224.8 million, significantly overshadowing the $32.2 million, inflows across 12 Bitcoin ETFs.
This development coincided with contrasting price trends in the crypto market. While Bitcoin’s price dipped 2.7% over the past week, Ethereum surged by 5.3%. The rally appears linked to Ethereum’s partial legal win involving Tornado Cash and optimism about regulatory changes under a potential Trump administration.
Reports suggest former SEC commissioner Paul Atkins, a crypto advocate, may replace current Chair Gary Gensler, fueling hopes for a pro-DeFi environment.
Despite this week’s slowdown, Bitcoin ETFs have had a stellar November, accumulating over $6.2 billion in inflows—a monthly record. Notably, Bitcoin ETFs saw their highest inflows between Nov 18 and Nov 22, hitting $3.38 billion as BTC approached $99,645.
Ethereum’s ETF success highlights rising investor confidence, with its cumulative inflows nearing $240.41 million. As of November, Spot Ethereum ETFs’ total net assets are worth $10.80 billion.
In the past three days, the total net inflows, are currently valued at $133 million. The daily net inflow on 27 November also witnessed a substantial inflow of $90.10 million, reflecting growing investor confidence in ETH.
Also Read: Will Bitcoin Crash Again on Thanksgiving?
