- Rising crypto prices spur interest in ETFs, with significant weekly gains for Bitcoin, Solana, and Ethereum.
- Recent trading days have increased total ETF assets by over US$600 million, reaching US$60 billion.
- BlackRock’s IBIT leads with the highest Bitcoin inflows, adding nearly US$289 million recently.
- Also: Monochrome launches a new Ether ETF in Australia, offering both cash and physical ETH trading options.
As the crypto market makes its way up higher, with Bitcoin, Solana and Ethereum all up around 11% week-on-week, there seems to be renewed interest in exchange-traded funds (ETFs). The past few trading days have added over US$600 million (AU$900 million) to the fund’s AUM (assets under management).
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As per CryptoQuant, these funds now hold a combined US$60 billion (AU$90 billion) in AUM – that’s over 900,000 BTC.
IBIT Adds More Than Half a Billion Since October Start
Out of all the funds, BlackRock’s IBIT has added the most Bitcoin by far. IBIT added US$288.8 million (AU$433.1 million) in the most recent trading day, bringing the monthly total to US$572 million (AU$857.7 million).
Fidelity’s FBTC had the second largest inflows, with several funds having zero net inflows.
Bloomberg Senior ETF Analyst Eric Balchunas called the recent inflows ‘monster flows’, hinting that the funds may achieve the 1 million Bitcoin milestone by the end of the year.
Australia Sees Spot Ethereum Fund Launch
While Bitcoin funds are doing obviously quite well, the same can’t be said for Ethereum funds. The US funds which launched in July 2024 have not had an easy start, trailing Bitcoin funds in popularity. This hasn’t stopped asset managers from launching new funds though, with Monochrome recently bringing an Ether fund to Australia’s Cboe.
In an emailed statement to Crypto News Australia, Alvin Kan, COO of Bitget Wallet, commented on the launch’s significance.
Kan noted that Monochrome’s spot Ether ETF mirrors Hong Kong’s crypto ETFs by offering dual trading options in both cash and physical ETH, enhancing liquidity and investment flexibility.
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He highlighted the supportive regulatory frameworks in Australia and Hong Kong that facilitate crypto investments through regulated markets, as well as the increasing acceptance of both crypto in general and ETH in particular:
The launch of Monochrome’s spot Ether ETF in Australia is a sign of growing institutional acceptance of crypto assets, adding credibility to Ether as an investment vehicle and giving investors more regulated options to gain exposure. This move also reflects a broader trend of increasing demand for spot crypto ETFs across the globe.
Alvin Kan, COO of Bitget Wallet
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