Cryptocurrencies Dominate Largest ETF Launches in 2024: The ETF Store
Date: 2024-09-03 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Cryptocurrency exchange-traded funds (ETFs) account for 13 of the 25 largest ETF launches in 2024 by year-to-date inflows, according to a post on Social Media X by Nate Geraci, president of ETF specialist The ETF Store.
Of the roughly 400 new ETFs launching in 2024, the four largest launches by inflows were spot bitcoin ETFs, Geraci reported.
At the top of the list is BlackRock’s iShares Bitcoin Trust (IBIT), with nearly $21 billion in inflows to date. It is followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with nearly $10 billion in net inflows, the ARK 21Shares Bitcoin ETF (ARKB) and the Bitwise Bitcoin ETF Trust (BITB), which each attracted about $2 billion in net inflows, according to the publication.
In seventh place is the iShares Ethereum Trust ETF (ETHA), which leads the list of Ethereum ETFs with net inflows of more than $1 billion. This ETF surpassed the $1 billion mark in August, according to research firm Morningstar.
The total net assets in spot BTC and ETH ETFs exceed $60 billion, according to Morningstar.
The cryptocurrency ETF market will continue to expand to include new types of digital assets and diversified crypto indices, according to a representative of the management company Grayscale Investments.
“We’re going to see more single-asset products, and index products, and diversified products,” Dave Lawal, global head of ETFs at Grayscale, said on Aug. 12.
Numerous other proposed crypto ETFs are awaiting regulatory approval. Among them are new types of single-asset funds like the Solana ETF and diversified crypto indices like the Hashdex Nasdaq Crypto Index ETF.
Net inflows into spot crypto ETFs are “more than three times the largest annual inflows of any ETF in the history of ETFs,” Lawal said. “So we’re talking about mass, mass adoption.”
