Demand for spot Bitcoin exchange-traded funds (ETFs) surged this week, with inflows exceeding $1.7 billion before the close of trading on Friday. According to data from SoSoValue, the inflows were particularly strong on Wednesday, with nearly $800 million earmarked for the funds. By Thursday, the data indicated that net inflows for the week had already reached $1.7 billion, marking the highest weekly total for these ETFs in nearly two months. This robust performance signals a renewed confidence among investors in the Bitcoin asset class, coinciding with a price increase for Bitcoin (BTC), which rose to $115,000, a 4.5% gain from its value of $110,000 the previous Friday.
Not to be overlooked, spot Ether ETFs also rebounded impressively, reporting more than $230 million in net inflows by Thursday, reversing a previous trend of nearly $800 million in outflows from the week before. This resurgence in Ether ETFs coincided with significant purchasing activity from corporate treasury holder BitMine, which acquired 202,500 ETH on Monday, pushing its total holdings to 2 million ETH. Following this purchase, BitMine made another notable transaction on Wednesday, acquiring $200 million in ETH from Bitgo. Current data reveals that BitMine’s ETH holdings are valued at about $9.3 billion. Furthermore, analytics from the Strategic ETH Reserve indicate that ETH reserve companies collectively hold nearly 5 million ETH, estimated to be worth approximately $22.1 billion. ETF issuers maintain an additional 6.6 million ETH, valued at nearly $30 billion, suggesting that around 12 million ETH—nearly 10% of the total circulating supply—is held by institutional investors.
In a broader context, the crypto market has surged past the $4.1 trillion mark this week, a figure not seen since July and August. Binance co-founder Changpeng Zhao noted this achievement on social media, drawing a comparison between the total market cap of cryptocurrencies and the market capitalization of Nvidia, which stands at roughly $4.3 trillion. Zhao highlighted the disparity, stating, “The combined market cap of all future money is less than one chip company’s market cap. You do the math.”
This week’s developments signal growing institutional interest in cryptocurrencies, underscored by both steep ETF inflows and significant corporate purchases, prompting optimism for the future of digital assets.
