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Ethereum unable to breach $4,800, though spot ETFs on pace to hit record

Spot ethereum ETF inflows for the week stand at $2.2 billion so far, dwarfing their bitcoin counterparts.

Sage D. Young

Despite ethereum’s rally taking a breather, the cryptocurrency’s ETFs are on track to set a new weekly inflow record. 

US spot ethereum ETFs have recorded $2.2 billion of inflows this week so far, the most these investment vehicles have ever seen and a figure multitudes higher than spot bitcoin ETFs’ weekly inflows of $331 million, according to SoSoValue. The two days with the most ethereum inflows occurred in the same week, with Wednesday seeing $729.1 million and Monday producing $1 billion. 

Ethereum climbed to $4,779 in the last 24 hours, an almost four-year high, before correcting to about $4,500 Thursday morning. The token is now hovering just under the $4,700 level as of 10:50 a.m. ET.

  • As a result of the price decline, centralized exchanges liquidated more than $182.4 million ethereum long positions in the last four hours, data from analytics platform CoinGlass shows. 

  • Meanwhile, the exit queue for ethereum validators to unstake has shot up to 717,775 tokens worth $3.3 billion. The wait time for the exit line to clear is 12 days and 11 hours, which is higher than the entry queue wait of three days and 19 hours, according to blockchain explorer beaconcha.in. The total amount of tokens waiting to be unstaked is also at its highest point ever since staking withdrawals went live in 2023. 

  • TheBlock reported that a whale address (0x815) that participated in ethereum’s initial coin offering sent $5.1 million worth of tokens to a Kraken deposit address on Thursday, bringing its total transfers to the centralized exchange to $24.1 million this week. 

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Solana ETFs listings delayed as JPMorgan predicts the funds to net $1.5 billion in first year

JPMorgan analysts noted that “solana is not perceived by investors the same way as ethereum as the main DeFi/smart contract cryptocurrency.”

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BlackRock’s bitcoin ETF is on the cusp of $100 billion in assets, a milestone it will have achieved in less than two years

While VOO might be the largest ETF in the world, IBIT — BlackRock’s iShares Bitcoin Trust ETF — is the fastest-growing. And the bitcoin-centered product is on the cusp of a major milestone, reporting that it now holds 802,257 BTC, putting it within a whisker of hitting $100 billion in assets (worth roughly $99 billion in good old-fashioned USD at the time of writing).

Considering that BlackRock’s iShares Bitcoin Trust launched only 636 days ago, that’s a remarkable speedrun, as individual and institutional investors have embraced cryptocurrency via the exchange-traded fund. For context, VOO took over 2,900 days to hit the same milestone (about eight years).

VOO vs. IBIT spead to $100 billion assets under management
Sherwood News

As noted in a great piece by Robin Wigglesworth in the Financial Times, IBIT is now a major money-spinner for one of the biggest stalwarts of TradFi. As the largest exchange-traded product in the crypto space, and with a not insignificant expense ratio of 0.25%, the ETF is pulling in somewhere in the region of $250 million of revenue for its asset manager parent company. As Wigglesworth puts it:

“Anyway, it’s heartwarming to see that one of the companies profiting the most from an anarchical, decentralised invention supposedly designed to reorder the global financial system is... BlackRock.”

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Bitcoin ETFs take in more than $2 billion in two days

Bitcoin is down 2.7% from its recent record which saw it passing $126,000, but bitcoin ETFs are still hot.

The ETFs have already amassed more than $2 billion this week, on track to surpass last week’s $3.2 billion in inflows. In total, bitcoin ETFs have just under $165 billion in assets under management, representing 6.78% of the total market cap, SoSoValue data shows.

BlackRock’s iShares Bitcoin Trust by far took the lion’s share, with $1.8 billion of inflows. The fund is also close to $100 billion in assets, despite not even being 2 years old.

Bitwise CEO Matt Hougan said in a note, “The stars are aligned for a very strong Q4 for flows — more than enough to push us to a new record,” in part thanks to the “debasement trade.” 

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