Bitcoin and Ethereum ETFs rack up $1.5bn flood of ‘big boy flows’

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US spot crypto exchange-traded funds just notched some of their strongest days on record as investors pour into Bitcoin and Ethereum.

On Thursday, over $1.2 billion moved into Bitcoin funds, with BlackRock’s iShares Bitcoin Trust leading the surge after posting $5 billion in trading volume, according to Bloomberg data.

That’s nearly double IBIT’s daily volume average and the second-largest single-day intake across all 11 US Bitcoin funds since launching in January 2024.

On Thursday, Bitcoin notched another record high of $118,000, its second record-breaking moment this week. Likewise, Ethereum surged to $3,000, a price not seen since February, according to CoinGecko.

“IBIT seeing big volume surges on up-price days usually signals ‘big boy flows’,” Bloomberg’s Eric Balchunas noted on X. “Good chance we see even more in the next couple days.”

The ETF flows come amid rising conviction that Bitcoin’s rally is just getting started.

Analysts at firms including Bitwise, Bernstein, and Standard Chartered say Bitcoin could climb past $200,000 by year-end.

Other market watchers say renewed corporate treasury adoption, rate-cut optimism, and a wave of institutional Strategy “copycats” will bolster the price of the leading cryptocurrency.

Ethereum flows

Spot Ethereum ETFs also saw a major spike in demand and carved out their own records.

BlackRock’s spot Ethereum ETF recorded more than $800 million in trading volume across Wednesday and Thursday, roughly four times its daily average, noted Balchunas.

All nine US-based Ethereum funds brought in over $300 million in inflows, marking their second-best day ever since their July 2024 debut.

“A new daily inflow record for iShares Ethereum ETF of $300+ million,” ETFStore president Nate Geraci wrote on X. “And that’s with major platforms still gatekeeping access.”

Geraci also pointed out that “financial advisors have barely begun allocating.”