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In their inaugural year, spot Bitcoin and Ethereum ETFs listed in the United States amassed an impressive $38.3 billion in net inflows. Demand for spot Bitcoin ETFs far exceeded expectations, while Ethereum ETFs also delivered strong performance.
Record Demand for Bitcoin ETFs
Spot Bitcoin ETFs accounted for $35.66 billion of the total inflows in 2024, significantly outperforming initial projections by industry analysts. Leading the pack was BlackRock’s iShares Bitcoin Trust ETF with $37.31 billion in net inflows. Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $11.84 billion, while ARK 21Shares Bitcoin ETF (ARKB) secured the third position with $2.49 billion.
Galaxy Digital’s research director, Alex Thorn, had earlier estimated $14 billion in inflows, a prediction that the market tripled, underscoring the unexpected demand. However, the year closed with $1.33 billion in outflows from Bitcoin ETFs. Notably, IBIT experienced its largest single-day outflow of $188.7 million on December 24.
Ethereum ETFs’ Performance
Spot Ethereum ETFs concluded 2024 with $2.68 billion in net inflows. BlackRock’s iShares Ethereum Trust ETF (ETHA) led the category, recording $3.52 billion in inflows. Fidelity Ethereum Fund (FETH) followed with $1.56 billion, while the low-cost Grayscale Ethereum Mini Trust ETF (ETH) attracted $608.1 million. Bitwise Ethereum ETF (ETHW) also surpassed the $400 million mark.
2025 Outlook
Although Ethereum underperformed Bitcoin and Solana in 2024, analysts predict a strong recovery in 2025. Bitwise forecasts Ethereum prices to reach $7,000, driven by increased activity on Ethereum layer 2 solutions and higher inflows into spot Ethereum ETFs. This anticipated growth positions Ethereum to play a more significant role in the evolving crypto ETF landscape.
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