Bitcoin ETF trading volume spikes 50% amid BTC drop below 100k

U.S. spot Bitcoin exchange-traded funds recorded $7.1 billion in trading volume on Dec. 5, marking a 50% surge from the previous day, as Bitcoin’s price dropped below $100,000.

According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded net inflows of $766.66 million on Dec. 5, extending their six-day streak to a total of over $2.7 billion.

BlackRock’s IBIT led the pack for the fifth consecutive day, amassing $770.51 million in inflows. Other significant contributors included Grayscale Bitcoin Mini Trust with $95.35 million and Fidelity’s FBTC with $47.47 million. ARK and 21Shares’ ARKB chipped in a modest $12.32 million.

However, not all ETFs mirrored the inflow trend. Grayscale’s GBTC and Bitwise’s BITB recorded outflows of $148.78 million and $10.22 million, respectively, while the remaining ETFs saw zero flows on the day.

The total trading volume for these ETFs saw a significant jump to $7.1 billion, which is over 50% higher than the $4.71 billion recorded the previous day.

This came amid a sharp drop in Bitcoin’s (BTC) price, which fell over 10% from a record high of $103,607 on Dec. 5 to an intraday low of $92,980 on Dec. 6, before recovering slightly to over $98,000. The flagship cryptocurrency remains 4% lower over the past 24 hours.

Ether ETFs set record-breaking inflows

Meanwhile, Ether ETFs have been on a historic streak. On Dec. 5, U.S.-listed spot Ether ETFs recorded an aggregate inflow of $428.44 million, the largest single-day inflow since their launch on July 23. This broke the previous record of $333.92 million set on Nov. 29.

The nine Ether ETFs have now posted nine consecutive days of net positive inflows, accumulating over $1.3 billion in the past two weeks. BlackRock’s ETHA dominated the day’s inflows with a record $292.69 million, bringing its total to $2.64 billion.

Fidelity’s FETH added $113.61 million, while Grayscale Ethereum Mini Trust and Bitwise’s ETHW contributed $30.69 million and $6.58 million, respectively. Grayscale’s ETHE, however, saw outflows of $15.12 million.

This wave of inflows coincides with Ether’s (ETH) price rally. The cryptocurrency hit an eight-month high of $3,946 on Dec. 5, representing a 14.5% gain over the past fortnight. At press time, Ether was trading at $3,880.