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Bitcoin ETFs See $1.67B Inflows as Bitcoin Hits Record High of $93,318, Surpasses Silver in Market Cap

Nov 18, 2024, 03:45 PM

Bitcoin and Ethereum spot exchange-traded funds (ETFs) experienced significant net inflows last week, indicating robust institutional interest in digital assets. From November 11 to November 15, Bitcoin spot ETFs saw net inflows of $1.67 billion, marking the sixth consecutive week of inflows. Ethereum spot ETFs registered net inflows of up to $646 million, reaching a record high for a single week. BlackRock's Ethereum ETF, ETHA, had a weekly net inflow of $287 million, while Fidelity's Ethereum ETF, FETH, saw inflows of $199 million. BlackRock's Bitcoin ETF, IBIT, reported a weekly net inflow of $1.89 billion and achieved top 1% status among ETFs in record time. The ETF also saw $5 billion in trading volume for the first time on Monday. Assets under management in digital assets reached a new peak of $138 billion, with year-to-date inflows totaling a record $33.5 billion, according to CoinShares. Spot Bitcoin ETFs now manage $84 billion, equivalent to 66% of the assets in gold ETFs. Bitcoin reached a new all-time high of $93,318, propelling its market capitalization to $1.8 trillion, making it the eighth largest asset globally and surpassing silver. Open interest in Bitcoin futures also hit an all-time high, suggesting heightened market activity and expectations of further price increases.