Ether ETF Inflows Hit Record, Bitcoin Inflows Soar as BTC Eyes $90K
2024-11-12

Investors poured money into U.S. spot crypto exchange-traded funds (ETFs) on Monday as bitcoin {{BTC}}, the largest token by market capitalization, climbed to a record just shy of $90,000.
Flows into ether {{ETH}} ETFs hit a record $295.5 million, with BlackRock's ETHA and Fidelity's FETH both gathering a net $100 million, data from Farside Investors shows.
Bitcoin ETFs netted a whopping $1.1 billion, the second-highest amount on record according to SoSoValue data, as the token's market cap climbed to a record $1.78 trillion, overtaking silver as the eighth-largest asset by market cap on the planet. The lion's share, $765.5 million, was funneled into the iShares Bitcoin Trust IIBIT with Fidelity's FBTC gaining $135.1 million.
"Assets in the US spot bitcoin ETFs are now up to $84b, which is 2/3 of the way to what gold ETFs have, all the sudden there's a decent shot they surpass gold before their first birthday (we predicted it would take 3-4yrs)," Eric Balchunas, a senior analyst at Bloomberg, said in a post on X.
The records didn't just stop at pure crypto investments. Shares of Microstrategy MMSTR, the publicly traded company with the largest stash of BTC, hit a record high. Crypto exchange Coinbase CCOIN topped $320 for the first time since November 2021.
"The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, with lifetime records being set all over the place, including IBIT, which did $4.5b. This points to a robust week of inflows. It was just an insane day; it really deserves a name a la Volmageddon," Balchunas said in a separate post.
As of press time, bitcoin is trading at $88,000 and ether around $3,400.