Spot bitcoin, ether ETFs recover momentum with first net-positive inflow week since October

U.S. spot bitcoin and Ethereum exchange-traded funds posted their first combined week of net inflows since late October, signaling a potential turnaround following a brutal stretch of institutional outflows.

According to SoSoValue data, spot bitcoin ETFs recorded approximately $70.1 million in net inflows for the shortened trading week ending Nov. 28, which included just four trading days due to the Thanksgiving holiday. Spot Ethereum ETFs fared even better, logging roughly $312.6 million in net inflows over the same period.

The positive flows mark a sharp departure from recent weeks. Spot bitcoin ETFs had shed $1.22 billion the week prior, extending their outflow streak to four consecutive weeks with cumulative losses totaling more than $4.3 billion. Spot ether ETFs similarly experienced three straight weeks of outflows, culminating in $500.3 million in redemptions the week ended Nov. 21.

BlackRock still logs BTC outflows

On Friday, U.S. spot bitcoin ETFs saw $71.4 million in net inflows, with Ark & 21Shares' ARKB leading the day at $88.0 million, per SoSoValue. Fidelity's FBTC added $77.5 million, and Grayscale's GBTC and BTC products contributed $10.7 million and $8.9 million, respectively.

However, BlackRock's industry-leading IBIT fund logged $113.7 million worth of outflows on Friday, and despite net inflows on Tuesday and Wednesday, ended the week with $137.0 million worth of net outflows. IBIT remains the largest spot Bitcoin ETF by assets under management (AUM), with $70.7 billion worth of BTC, about 3.9% of all Bitcoin in existence. 

On the whole, last week was a recovery from the week prior, which saw $1.9 billion worth of outflows from global crypto exchange-traded products in the third-worst run since 2019.

"Proportionally [the four-week negative run] represents the 3rd largest run of outflows since 2018, beaten only by March 2025 and February 2018, marking a 36% decline in AUM representing the combined impact of inflows and price," CoinShares Head of Research James Butterfill noted in a report from Monday. 

Bitcoin's price has fallen slightly from over $91,000 earlier in the week, and currently trades around $90,415, down about half a percent in the past 24 hours.

Ethereum ETFs extend inflow streak to five days

Spot Ethereum ETFs posted $76.55 million in net inflows on Friday, led by BlackRock's ETHA with $68.27 million. Grayscale's ETHE added $8.28 million, while other ether funds recorded zero flows for the day, per SoSoValue data. The nine spot ether ETFs hold cumulative net inflows of $12.94 billion and total net assets of $19.15 billion, or about 5.19% of Ethereum's market cap.

Friday's flows came during a holiday-shortened trading session, with spot bitcoin ETFs seeing $3.4 billion in daily trading volume and spot ether ETFs recording $1.11 billion.

BlackRock's industry-leading ETHA fund fared better than its Bitcoin brother, logging $257.2 million worth of total net inflows across the shortened trading week. The inflows correspond to over 82% of all inflows into spot ether ETFs from last week. 

The price of ether has also retreated slightly from its high over $3,070 on Friday, currently trading down 2.2% in the past 24 hours at about $2,975.

Solana ETFs recover from stumble

Finally, though spot Solana ETFs broke a 21-day inflow streak with $8.1 million worth of outflows on Wednesday, per SoSoValue data, the funds recovered from the stumble and logged $5.4 million worth of inflows on Friday. The inflows were the second-smallest daily inflows recorded so far. 

The inflows were led by Grayscale's GSOL at $4.33 million and Fidelity's FSOL at $2.42 million. The inflows were offset by $1.4 million worth of outflows from 21Shares' TSOL fund, currently the third-largest such fund by AUM. BlackRock, which manages the largest spot Bitcoin and Ethereum ETFs on the market, has not yet filed for a spot Solana ETF.