Update (Dec. 30, 11:25pm UTC): This article has been updated to reflect that there are two trading days of Bitcoin ETF flow data to come in before 2024 ends.
The United States spot Bitcoin and Ether exchange-traded funds (ETFs) have witnessed a staggering inflow tally of $38.3 billion in net inflows, with just two trading days left to the end of 2024.
BlackRock’s iShares Bitcoin Trust ETF Leads the Pack
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has taken the top spot with an impressive $37.31 billion in net inflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) follow closely behind, with $11.84 billion and $2.49 billion in net inflows, respectively.
Bitwise Bitcoin ETF Closes in on Top Three
The Bitwise Bitcoin ETF (BITB) has secured a notable position with $2.19 billion in net inflows, according to Farside Investors.
Net Inflows Exceed Earlier Estimates
These impressive numbers have surpassed an earlier estimate of $14 billion for the first year from Galaxy Digital’s research head Alex Thorn. However, it is worth noting that the spot Bitcoin ETFs have seen a combined $1.33 billion in outflows from Dec. 19 to 27.
Five of Last Six Trading Days Show Net Outflows
The last six trading days have witnessed a mixed trend, with five of them showing net outflows. BlackRock’s iShares Bitcoin Trust ETF saw its largest outflow of $188.7 million on Dec. 24.
Spot Bitcoin ETF Flow Data (Dec. 19 to Dec. 27)
| Date | Net Flows |
| — | — |
| Dec. 19 | -$10.1M |
| Dec. 20 | +$11.3M |
| Dec. 21 | -$12.5M |
| Dec. 22 | -$6.8M |
| Dec. 23 | -$7.4M |
| Dec. 24 | -$188.7M |
| Dec. 25 | +$9.2M |
| Dec. 26 | -$10.3M |
| Dec. 27 | +$5.1M |
Retail Demand Drives Spot Bitcoin ETF Flows
An Oct. 25 report from cryptocurrency exchange Binance found that nearly 80% of demand for the spot Bitcoin ETFs had come from retail investors, not institutions.
Increased Institutional Involvement Expected in 2025
Industry analysts such as Bitwise’s chief investment officer Matt Hougan expect to see more institutional involvement in 2025 when more clearinghouses for spot Bitcoin ETF trading come online. This is one of the catalysts behind Bitwise’s bullish $200,000 Bitcoin price estimate for 2025.
Ether ETFs End Year on a Strong Note
The spot Ether ETH ETFs have seen a total of $2.68 billion in net inflows since their launch on July 23. Excluding outflows from the converted Grayscale Ethereum Trust ETF (ETHE) would bump that figure up to $6.29 billion.
BlackRock’s iShares Ethereum Trust ETF and Fidelity Ethereum Fund Lead Net Inflows
The low-fee Grayscale Ethereum Mini Trust ETF (ETH) finished with the third most net inflows at $608.1 million, while the Bitwise Ethereum ETF (ETHW) recently passed the $400 million milestone.
Spot Ether ETF Flow Data (Dec. 19 to Dec. 27)
| Date | Net Flows |
| — | — |
| Dec. 19 | +$15.6M |
| Dec. 20 | -$8.3M |
| Dec. 21 | +$11.5M |
| Dec. 22 | -$9.2M |
| Dec. 23 | +$12.1M |
| Dec. 24 | -$10.5M |
| Dec. 25 | +$14.8M |
| Dec. 26 | -$11.3M |
| Dec. 27 | +$13.4M |
Bitwise Expects Ether to Bounce Back in 2025
While ETH has underperformed Bitcoin and Solana SOL in 2024, Bitwise expects it to bounce back in 2025 and hit a high of $7,000.
Hougan and Bitwise’s Bitcoin research head Ryan Rasmussen attributed the estimated rise to increased activity on Ethereum layer 2s, more spot Ether ETF flows, and ‘massive growth’ in stablecoins and real-world asset tokenization.
Ethereum Poised for Comeback in 2025?
Magazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?
Additional Reporting by Ciaran Lyons
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