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

U.S.-listed spot crypto exchange-traded funds (ETFs) saw strong net inflows Wednesday, with both ether

ETH$2,665.63

and bitcoin

BTC$107,565.82

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