Bitcoin, Ethereum ETFs Add $23B; $2.6B Was New Cash

Spot Bitcoin and Ethereum exchange-traded funds saw combined assets under management rise by about $23 billion last week, while net new investor cash totaled $2.6 billion. The remaining roughly $20.4 billion increase reflected gains in the market value of the cryptocurrencies held by the funds.

Weekly filings from fund operators show $2.6 billion in net creations across spot Bitcoin and Ethereum ETFs for the reporting period. Valuation changes in the underlying tokens accounted for the bulk of the reported growth in total assets under management.

Most of the activity was concentrated in U.S.-listed spot ETFs. Trading volume, creations and redemptions across the largest listings produced a large share of the net inflows and the valuation-driven rise in AUM.

Fund reports indicate that some products experienced redemptions or portfolio rebalancing that offset portions of gross purchases. The authorized-participant mechanism, which allows shares to be created or redeemed to match investor demand, determined the net cash figure reported for the week.

Flows during the period covered both Bitcoin and Ethereum products rather than favoring a single asset. Weekly flow metrics combine inflows and outflows with price moves, so a strong week for token prices can boost ETF AUM even when net new investor cash is modest.

ETF AUM equals investor inflows or outflows plus changes in the market value of holdings. In the latest weekly report, price appreciation of Bitcoin and Ethereum was the largest contributor to the $23 billion increase in reported assets.