The U.S. spot Bitcoin exchange-traded fund will see net inflows of $35.66 billion in 2024, significantly exceeding initial industry estimates, while the spot Ether ETF will see net inflows of $349.3 million over the past four trading days, bringing in $2.68 billion. It was strong, reaching $10 million. After launch.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the way with net inflows of $37.31 billion, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) with $11.84 billion and $2.49 billion. Rounding out the top three in terms of dollars. The Bitwise Bitcoin ETF (BITB) is valued at $2.19 billion, according to Farside Investors.
These net inflows beat the first-year estimate of $14 billion by Alex Thorn, head of research at Galaxy Digital.
However, spot Bitcoin ETFs did not show much strength through the end of the year, with outflows totaling $1.33 billion since December 19.
Five of the last six trading days had net outflows, with IBIT recording its largest outflow on December 24 at $188.7 million.
Explore Bitcoin ETF flow data from December 19th to December 27th. source: farside investor
An October 25 report from cryptocurrency exchange Binance found that nearly 80% of demand for spot Bitcoin ETFs came from retail rather than institutions.
However, industry analysts such as Matt Hougan, Chief Investment Officer at Bitwise, expect greater institutional participation by 2025 as more clearinghouses for spot Bitcoin ETF trading become available.
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This is one of the catalysts for Bitwise’s 2025 Bitcoin price estimate of $200,000, and VanEck expects Bitcoin to surpass $180,000.
The Ether ETF ended on a strong note.
The spot Ether (ETH) ETF ended 2024 with total net inflows of $2.68 billion since the Ethereum product launched on July 23, according to Farside Investors.
Excluding outflows from the converted Grayscale Ethereum Trust ETF (ETHE), this figure would be up to $6.29 billion.
BlackRock’s iShares Ethereum Trust ETF (ETHA) and Fidelity Ethereum Fund (FETH) led net inflows with $3.52 billion and $1.56 billion.
The low-fee Grayscale Ethereum Mini Trust ETF (ETH) recorded the third-highest net inflows at $608.1 million, while the Bitwise Ethereum ETF (ETHW) recently passed the $400 million milestone.
Check out Bitcoin ETF flow data from December 19th to December 27th. Source: Farside Investors
ETH underperformed Bitcoin and Solana (SOL) in 2024, but Bitwise expects it to bounce back in 2025 and hit a high of $7,000.
Ryan Rasmussen, head of Bitcoin research at Hougan and Bitwise, attributed the expected rise to increased activity in Ethereum Layer 2, increased spot Ether ETF flows, and “massive growth” in stablecoins and real-world asset tokenization. .
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Additional reporting by Ciaran Lyons.