Bitcoin and Ethereum ETFs See Over $800 Million in Inflows, Grayscale Files for Solana Spot ETF Conversion

Bitcoin and Ethereum ETFs saw impressive inflows exceeding $800 million on Tuesday, December 4, 2024.

Ethereum spot ETFs reported net inflows of $133 million over the past week. Fidelity’s FETH ETF led the way with $73.7 million. Meanwhile, Grayscale Investments filed to convert its Solana Trust into a spot ETF, which currently holds $134.2 million in Solana assets.

Bitcoin (BTC/USD) spot ETFs also performed well, recording a total net inflow of $676 million on Tuesday. This marks the fourth consecutive day of inflows. BlackRock’s IBIT ETF topped the list with a remarkable daily net inflow of $693 million. Fidelity’s FBTC ETF followed with a net inflow of $52.2 million, according to data from SoSo Value.

Ethereum (ETH/USD) spot ETFs continued their positive trend, achieving a total net inflow of $133 million. This extends their streak to seven consecutive days. Fidelity’s FETH ETF reported a daily inflow of $73.7 million, while BlackRock’s ETHA ETF saw $65.3 million in inflows.

Grayscale Investments is making moves too. They filed with the U.S. Securities and Exchange Commission (SEC) to convert their Grayscale Solana Trust into a spot Solana ETF. This application, submitted under Rule 19b-4 via NYSE Arca, aims to give investors direct exposure to Solana’s market performance through a traditional stock exchange.

Spot ETFs differ from futures-based ETFs. They hold actual digital assets, providing a more accurate representation of market value. This makes it easier for both institutional and retail investors to access the market without the complexities of owning cryptocurrency directly.

The Grayscale Solana Trust currently manages around $134.2 million in Solana (SOL/USD) assets. By transitioning the trust into an ETF, Grayscale aligns with a growing trend among financial institutions that are looking to offer spot ETFs for major cryptocurrencies. They already manage Bitcoin and Ethereum ETFs, and adding Solana reflects the expanding role of decentralized finance (DeFi) in their portfolio.

If Grayscale’s spot Solana ETF gets approved, it would be a significant milestone for the crypto industry. This could enhance accessibility and adoption among traditional investors.