U.S. spot Bitcoin and Ethereum exchange-traded funds have posted their first combined week of net inflows since late October, signaling a potential turnaround following a brutal stretch of institutional outflows. The reversal came during a holiday-shortened trading week.
ETF Performance Overview
Spot Bitcoin ETFs recorded approximately $70.1 million in net inflows for the week ending Nov. 28, which included just four trading days due to the Thanksgiving holiday, according to SoSoValue data. Spot Ethereum ETFs performed even better, logging roughly $312.6 million in net inflows over the same period.
The positive flows mark a sharp departure from recent weeks. Spot Bitcoin ETFs had shed $1.22 billion the week prior, extending their outflow streak to four consecutive weeks with cumulative losses totaling more than $4.3 billion. Spot Ethereum ETFs similarly experienced three straight weeks of outflows, culminating in $500.3 million in redemptions the week ended Nov. 21. The worst week for Ethereum funds occurred during the period ending Nov. 14, 2025, when investors pulled $728.6 million.
Friday's Trading Activity
On Friday, U.S. spot Bitcoin ETFs saw $71.4 million in net inflows, with Ark & 21Shares' ARKB leading the day at $88.0 million, per SoSoValue. Fidelity's FBTC added $77.5 million, while Grayscale's GBTC and BTC products contributed $10.7 million and $8.9 million, respectively.
BlackRock's industry-leading IBIT fund logged $113.7 million worth of outflows on Friday despite net inflows on Tuesday and Wednesday. IBIT ended the week with $137.0 million worth of net outflows but remains the largest spot Bitcoin ETF by assets under management, holding $70.7 billion worth of Bitcoin, about 3.9% of all Bitcoin in existence.
Spot Ethereum ETFs posted $76.55 million in net inflows on Friday, led by BlackRock's ETHA with $68.27 million. Grayscale's ETHE added $8.28 million, while other funds recorded zero flows for the day, per SoSoValue data.
Cumulative Inflows and Market Share
The nine spot Ethereum ETFs hold cumulative net inflows of $12.94 billion and total net assets of $19.15 billion, representing approximately 5.19% of Ethereum's market capitalization. BlackRock's ETHA fund logged $257.2 million worth of total net inflows across the shortened trading week, accounting for over 82% of all inflows into spot Ethereum ETFs.
Market Context
Friday's flows came during a holiday-shortened trading session, with spot Bitcoin ETFs seeing $3.4 billion in daily trading volume and spot Ethereum ETFs recording $1.11 billion. The recovery follows what CoinShares Head of Research James Butterfill described as the third-largest run of outflows since 2018.