U.S. spot crypto ETFs experienced significant inflows on Wednesday, JPMorgan reveals.

Despite a recent drop in underlying prices, U.S.-listed spot crypto ETFs attracted substantial net inflows on Wednesday, JPMorgan reports.

Ether (ETH) and bitcoin (BTC) products continued to see strong investor interest, even as ether’s price dipped 1.3%. Spot ether ETFs posted net inflows of about $84 million on May 28, with BlackRock’s iShares Ethereum Trust (ETHA) leading the charge by drawing $52 million. Fidelity’s Ethereum Fund (FETH) followed with $26 million, while Grayscale’s mini ETH Trust and Invesco/Galaxy’s QETH added $5 million and $2 million respectively.

Trading activity for ether ETFs remained robust, with a notional volume of $459 million—surpassing their post-launch daily average of around $375 million since July 2024.

Bitcoin spot ETFs saw estimated net inflows of $431 million, predominantly driven by BlackRock’s iShares Bitcoin Trust (IBIT), which attracted $479 million. These gains were partially offset by outflows from ARK 21Shares Bitcoin ETF (ARKB), which experienced $34 million in redemptions, and Fidelity’s FBTC, which saw $14 million withdrawn.

Although bitcoin’s price declined by 2.1%, overall trading volume remained elevated at $3.5 billion, above the $2.8 billion average daily volume since the ETFs’ January 2024 launch.

Bloomberg noted a shifting trend as investors move capital from gold to bitcoin ETFs, with $9 billion in inflows into U.S. bitcoin ETFs over the past five weeks, contrasting with $2.8 billion in outflows from gold-backed funds.