This week witnessed substantial investor interest in spot Bitcoin exchange-traded funds (ETFs), with inflows exceeding $1.7 billion before the week’s trading concludes on Friday.
Data from SoSoValue reveals a robust performance for these ETFs, highlighted by nearly $800 million entering the funds on Wednesday alone. As of Thursday, data indicated that spot Bitcoin ETFs had already accumulated $1.7 billion in total net inflows for the week.
This surge marks the ETFs’ most significant weekly gain in almost two months, signaling a resurgence in investor confidence toward this asset class.
These substantial ETF inflows coincided with Bitcoin’s (BTC) resurgence to $115,000, reflecting a 4.5% increase from its $110,000 valuation the previous Friday.
Spot Ether ETFs Bounce Back After Significant Outflows
Spot Ether ETFs also experienced a positive week, registering over $230 million in net inflows by Thursday. This represents a significant recovery for the asset class following nearly $800 million in outflows during the preceding week.
While ETH ETFs rebounded, corporate treasury holder BitMine continued its accumulation of Ether (ETH) throughout the week. On Monday, BitMine acquired 202,500 ETH, bringing its total holdings past the 2 million ETH mark. The company followed up on Wednesday, purchasing $200 million worth of ETH from Bitgo.
Information sourced from the Strategic ETH Reserve website indicates that BitMine now possesses over 2 million ETH, valued at $9.3 billion at the current time.
The ETH data tracker further shows that ETH reserve companies collectively hold nearly 5 million ETH, an amount valued at approximately $22.1 billion.
Concurrently, ETF issuers maintain 6.6 million ETH, valued near $30 billion, to support the assets. This signifies that nearly 12 million ETH, almost 10% of the total circulating supply, are held by institutional entities.
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CZ Compares Total Crypto Market Value to Nvidia
The overall cryptocurrency market surpassed $4.1 trillion again this week, a level previously observed in July and August.
Changpeng Zhao, co-founder of Binance, commented on this achievement on X, drawing a comparison between the aggregate value of the cryptocurrency market and Nvidia, which possesses a market capitalization of roughly $4.3 trillion, according to 8marketcap.
“The combined market cap of all future money is less than one chip company’s market cap. You do the math,” Zhao posted.
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