A dozen Bitcoin ETFs in the U.S. have attracted $6.2 billion in November, nearing a monthly inflow record as Bitcoin hovers near $100,000.
Spot Bitcoin exchange-traded funds are on track for their strongest month yet, with $6.2 billion in inflows so far in November, bolstered by Bitcoinโs surge toward $100,000 and President-elect Donald Trumpโs crypto-friendly agenda, Bloomberg reports.
The inflows coming to such ETFs issuers as BlackRock and Fidelity, are set to surpass the previous record of $6 billion achieved in February, the report reads, noting that Bitcoin is nearing the $100,000 milestone.
The capital influx comes after Trump pledged to reverse the Biden administrationโs strict stance on cryptocurrencies, proposing regulatory changes and a strategic Bitcoin reserve. Analysts, interviewed by Bloomberg, say these moves, combined with Bitcoinโs recently-ignited rally, are driving investor confidence in crypto ETFs.
โUnder a Trump administration, itโs expected to be easier for businesses and retirement funds to include Bitcoin in their portfolios.โ
Josh Gilbert, market analyst at eToro
Ethereum ETFs outpace Bitcoin in recent inflows
The U.S. Securities and Exchange Commission approved spot Bitcoin ETFs earlier this year following a 2023 legal defeat. While SEC Chair Gary Gensler, a critic of the crypto industry, is stepping down, his tenure also saw the approval of Ethereum-linked ETFs. However, the latter had a muted impact on Ethereumโs price compared to Bitcoinโs sharp rise.
Recent data suggests Ethereum-linked ETFs have gained momentum, outpacing Bitcoin ETFs in inflows during the four trading days leading up to Thanksgiving. Despite this, Bitcoin ETFs continue to dominate, with $104.32 billion in combined net assets as of Nov. 27, according to SoSoValue.
