TLDR
- Bitcoin ETFs added $75.4M on Nov. 20 after suffering $1.26B outflows in November.
- Ethereum ETFs lost $1.42B since early November, led by ETHA and ETHE withdrawals.
- Harvard invested $443M in IBIT while MicroStrategy added 884 BTC.
- Solana and XRP ETFs attracted $23.66M and $118.15M in inflows, respectively.
Bitcoin exchange-traded funds in the United States saw renewed inflows after several weeks of outflows. On November 20, the sector recorded $75.4 million in net inflows, led by a $60.6 million investment in BlackRock’s iShares Bitcoin Trust (IBIT). The inflows coincided with Bitcoin’s price climbing back above $92,000, its highest level since late October.
Despite this recovery, November has been a volatile month for Bitcoin ETFs. The total outflows for the month reached $2.59 billion across 11 products. IBIT led with the highest redemptions as its share price dropped 16% to $52, a level last seen in April. Market analysts linked the redemptions to risk-off sentiment amid uncertain U.S. economic policy and increased bearish trading activity.
Ethereum ETFs Remain Under Pressure
Unlike Bitcoin ETFs, Ethereum-focused funds have struggled to attract investor interest. Since early November, Ethereum ETFs have reported $1.42 billion in net outflows. BlackRock’s ETHA product saw $421.4 million withdrawn, while Grayscale’s ETHE recorded $121.8 million in redemptions.
These outflows reflect ongoing caution in the crypto sector. Investors appear to be concerned about Ethereum’s near-term performance due to the lack of clear momentum in price and changing market conditions. Analysts pointed to macroeconomic factors such as the uncertain path of Federal Reserve rate cuts and Ethereum’s weakening correlation with traditional safe-haven assets.
Institutional Moves Signal Selective Optimism
Institutional investors are continuing to show interest in Bitcoin despite recent ETF withdrawals. Harvard University’s endowment allocated $443 million to IBIT in a notable move that highlights long-term confidence in Bitcoin’s role in diversified portfolios.
MicroStrategy also increased its holdings by purchasing 884 BTC. The company has consistently added Bitcoin to its balance sheet, positioning itself as a long-term holder. These moves suggest that while retail sentiment may be mixed, institutions are still engaging with Bitcoin-related assets on price weakness.
Mixed Sentiment Drives Uneven ETF Flows
The broader market is displaying caution. The Crypto Fear and Greed Index fell into the “extreme fear” zone, which some analysts view as a potential bottoming signal. Still, the sentiment is split, especially regarding Ethereum’s future.
Tom Lee of Fundstrat has suggested Ethereum might be entering a “supercycle,” although others remain skeptical. With no clear driver for ETH performance, alternative assets have gained attention. Solana and XRP ETFs logged inflows of $23.66 million and $118.15 million, respectively, indicating some investors are exploring newer options within the digital asset space.
Across markets, asset managers are adjusting their exposure. While U.S. ETFs saw large outflows in recent weeks, Germany’s multi-asset ETPs reported a $13.2 million inflow, suggesting global differences in investor appetite.
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