Bitcoin and Ethereum ETF bounce back, the first positive net inflow since October.

The Bitcoin and Ethereum spot ETF funds in America just recorded their first week of net inflow since the end of October, signaling a bounce back after a long period of heavy withdrawals by institutional investors.

According to data from SoSoValue, spot Bitcoin ETFs recorded a net inflow of about 70.1 million USD in the shortened trading week ending November 28, with only four trading days due to the Thanksgiving holiday. Meanwhile, spot Ethereum ETFs had even more positive results, with a net inflow of about 312.6 million USD during the same period.

This positive cash flow marks a clear reversal compared to previous weeks. In the week prior, Bitcoin spot ETFs saw outflows of up to 1.22 billion USD, extending a four-week streak of outflows totaling over 4.3 billion USD. Ethereum spot ETFs also experienced three consecutive weeks of outflows, with a total of 500.3 million USD withdrawn as of the week ending November 21.

The Bitcoin ETF flow has shown positive signals | Source: SoSoValue## BlackRock still records BTC outflows

On Friday, the spot Bitcoin ETFs in America recorded a net inflow of $71.4 million, led by ARKB from Ark & 21Shares with $88 million. Fidelity's FBTC added $77.5 million, while Grayscale's products (GBTC and BTC) contributed $10.7 million and $8.9 million, respectively.

However, BlackRock's leading IBIT fund still recorded outflows of $113.7 million on Friday, and despite having positive net cash flow on Tuesday and Wednesday, the fund ended the week with total outflows of $137 million. IBIT remains the largest Bitcoin spot ETF by assets under management (AUM), with $70.7 billion in BTC, equivalent to about 3.9% of the total circulating supply of Bitcoin.

Overall, the past week saw a bounce back compared to the previous week, as global crypto ETF products experienced outflows of up to $1.9 billion – the third worst outflow streak since 2019. James Butterfill, Head of Research at CoinShares, commented: “The outflow rate over the past four weeks is the third largest outflow streak since 2018, only behind March 2025 and February 2018, corresponding to a 36% reduction in AUM, reflecting the cumulative impact from cash flows and price volatility.”

ETF Ethereum extends the positive cash flow streak to five days

The Ethereum spot ETFs recorded a net inflow of $76.55 million on Friday, led by BlackRock's ETHA with $68.27 million. Grayscale's ETHE added $8.28 million, while other Ethereum funds showed no cash flow fluctuations. In total, nine Ethereum spot ETFs recorded a net inflow of $12.94 billion, with total assets under management of $19.15 billion, accounting for approximately 5.19% of Ethereum's market capitalization.

BlackRock's ETHA fund performed better than their Bitcoin fund, with a total net inflow of $257.2 million in the shortened week. This figure accounts for more than 82% of the total inflow into spot Ethereum ETFs during the week.

Solana ETF bounce back after the drop

Although Solana spot ETFs ended a 21-day streak of positive cash flow with $8.1 million in outflows on Wednesday, the funds bounced back on Friday with $5.4 million in inflows. This marks the second-lowest net cash flow day ever.

The flow of funds was led by Grayscale's GSOL with 4.33 million USD and Fidelity's FSOL with 2.42 million USD, partially offset by 1.4 million USD withdrawn from the 21Shares' TSOL fund, which is currently the third largest Solana fund by AUM. BlackRock, which manages the largest spot Bitcoin and Ethereum ETFs, has not yet filed for a spot Solana ETF.

Vương Tiễn