Bitcoin Spot ETF Inflows Reach $796M On November 20

Key Points:

• Bitcoin spot ETF inflows reached $796 million on November 20.
• BlackRock’s IBIT ETF contributed $627 million to Bitcoin’s inflows.

Bitcoin spot ETF inflows hit $796M on November 20, led by BlackRock’s IBIT with $627M. Ethereum spot ETF, in contrast, faced a $33.47M outflow the same day.

Bitcoin Spot ETF Inflows Reach Record Highs

The Bitcoin spot ETFs had an incredible number at close on the 20th: the funds saw a net inflow of $796 million. That is a huge interest in Bitcoin-backed financial products. The BlackRock IBIT ETF filled it out with a whopping $627 million.

Inflows underpin this and provide evidence of the growing mainstream use of Bitcoin Spot ETFs as an investment tool. According to Sosovalue, institutions like BlackRock seem to make investors confident enough to express their bullish sentiment over Bitcoin-related investments when general market conditions improve.

Read more: Bitcoin Spot ETFs Hit $100B Milestone in Record 10 Months

Ethereum Spot ETF Faces Outflows Amid Bitcoin Growth

While Bitcoin ETFs were having a heyday, Ethereum spot ETFs struggled comparatively and recorded a net outflow of $33.47 million on the same day. That does indeed indicate some sort of rotation in investor preference, probably due to market performance or some differential degree of institutional interest between the two assets.

The opposing trends of Bitcoin and Ethereum ETFs show just how volatile and dynamic the cryptocurrency market is at present. Investors and fund managers may, therefore, want to take a step back and look at the more recent performance of Ethereum.