November's Crypto Trading Recap: US Bitcoin and Ethereum ETF Inflows Hit Records

The US President-elect Donald Trump's promise of low regulation for the cryptocurrency industry continues to surge the demand for US exchange-traded funds (ETF) investing in Bitcoin and Ethereum. In November, Bitcoin and Ethereum ETFs climbed to one-month net inflow peaks, which are $6.5 billion and $1.1 billion respectively, according to Bloomberg. One-day purchases of Ethereum ETFs on Nov. 29 also hit an all-time high.

 

These figures revealed the retail passion for digital assets, including cryptocurrencies but did not imply the madness of the crypto bubble in 2021.

 

Caroline Bowler, chief executive officer of BTC Markets Pty explained that the rise in the cryptocurrency sector driven by Bitcoin was lifting various digital assets. Considering the money flowing into digital asset trading, she proposed that the crypto trade has not peaked yet.

 

On Nov. 29, driven by BlackRock Inc.'s iShares Ethereum Trust and Fidelity Investments' Ethereum Fund, nine Ethereum ETFs gained net inflows of $333 million, outperforming Bitcoin. The fund size shows that BlackRock and Fidelity are the largest issuers of digital asset portfolios.

 

Widespread expectations that Trump would lift the Securities & Exchange Commission's repression of the fourth-largest digital asset sparked a parabolic surge in the XRP token.

 

CoinGecko data shows that the cryptocurrency market has flown up about $1.2 trillion since Trump's victory. Although the cryptocurrency boom in 2021 ended in a bust of fraud and risky trading, public confidence in cryptocurrencies remains high. Such confidence results from Trump's pledge to create a crypto-friendly regulatory system and support the US Bitcoin strategic reserve.

 

Bitcoin, which approached $100,000 for the first time in November, is trading at $96,228.04 in Singapore as of press time on Monday, December 2. Ethereum is trading at $3,671.47.