U.S. Spot Crypto ETFs Saw Strong Inflows on Wednesday, JPMorgan Says

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U.S.-listed spot crypto exchange-traded funds (ETFs) saw strong net inflows Wednesday, with both ether ETH and bitcoin BTC products continuing to draw investor interest despite declines in underlying asset prices, investment bank JPMorgan (JPM) said.

U.S. spot ether ETFs logged an estimated $84 million in net inflows on May 28, as investor interest held firm even with ether falling 1.3%, the bank said in a report published on Thursday.

Leading the pack was BlackRock’s iShares Ethereum Trust (ETHA), which brought in $52 million, followed by Fidelity’s Ethereum Fund (FETH) with $26 million. Grayscale’s mini ETH Trust and Invesco/Galaxy’s QETH added $5 million and $2 million, respectively, the bank noted.

Notably, ether ETFs recorded a notional trading volume of $459 million, well above their post-launch daily average of approximately $375 million since debuting in July 2024, the bank observed.

Meanwhile, spot bitcoin ETFs brought in an estimated $431 million in net inflows, JPMorgan said, largely powered by BlackRock’s iShares Bitcoin Trust (IBIT), which alone saw $479 million in new investment.

The strong inflow was partially offset by redemptions from ARK 21Shares Bitcoin ETF (ARKB), the bank noted, which shed $34 million, and Fidelity’s FBTC, which recorded $14 million in outflows.

Despite bitcoin's 2.1% drop in price, total trading volumes remained elevated, clocking in at $3.5 billion, compared to the group’s historical average of $2.8 billion per day since launching in January 2024, the report added.

Investors are moving from gold to bitcoin ETFs, according to a Thursday report by Bloomberg. U.S. bitcoin ETFs have seen $9 billion in inflows over the last 5 weeks versus $2.8 billion in outflows for gold-backed funds.

Read more: Bitcoin Spot ETFs Pull in $5.77B in May, Their Best Performance Since November


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