According to a new report from JPMorgan, U.S.-listed spot crypto ETFs experienced robust net inflows on Wednesday, May 28, even as Bitcoin and Ethereum prices dipped.
$431M Into Bitcoin ETFs, $84M Into Ethereum
The report highlights that spot Bitcoin ETFs saw $431 million in net inflows, while Ethereum ETFs drew $84 million, demonstrating sustained investor interest despite market volatility.
“Investor demand remains strong even during market pullbacks,” the bank noted.
BlackRock Leads the Pack
BlackRock dominated inflows in both categories:
- iShares Bitcoin Trust (IBIT) brought in $479 million
- iShares Ethereum Trust (ETHA) attracted $52 million
Other major players included:
- Fidelity’s Ethereum Fund (FETH) with $26 million
- Grayscale Mini ETH Trust and Invesco/Galaxy QETH, adding $5M and $2M, respectively
Mixed Flows Among Competitors
While BlackRock saw strong inflows, some ETFs experienced outflows:
- ARK 21Shares Bitcoin ETF (ARKB) lost $34 million
- Fidelity’s FBTC recorded $14 million in redemptions
Still, the overall net impact was positive, signaling bullish investor sentiment.
Ethereum ETFs See Record Trading Volume
JPMorgan also noted that Ethereum ETFs recorded $459 million in trading volume, exceeding the post-launch daily average of $375 million since their debut in July 2024.
“This suggests growing retail and institutional interest in ETH-based investment vehicles,” analysts said.
Bitcoin ETFs Outshine Gold Funds
According to a Bloomberg report, investors are shifting from gold to Bitcoin ETFs. Over the past 5 weeks, U.S. spot Bitcoin ETFs have seen $9 billion in inflows, compared to $2.8 billion in outflows from gold-backed ETFs.
“Crypto is increasingly seen as a modern store of value, replacing traditional assets like gold,” Bloomberg noted.
Total Trading Volumes Remain High
Despite Bitcoin’s 2.1% price decline, trading volumes stayed elevated:
- $3.5 billion traded on May 28
- Compared to the historical average of $2.8 billion/day since January 2024
Conclusion
The data confirms a strong appetite for crypto ETFs, even during price corrections. BlackRock’s dominance and the shift from gold to Bitcoin indicate broader acceptance and long-term interest in digital asset investment products.