Wednesday saw a surge of inflows into U.S. spot crypto ETFs, JPMorgan states.

U.S.-listed spot crypto ETFs recorded strong net inflows Wednesday, even as ether and bitcoin prices fell, JPMorgan reported.

Spot ether ETFs attracted around $84 million in net inflows on May 28, despite a 1.3% decline in ETH price. BlackRock’s iShares Ethereum Trust (ETHA) led with $52 million, followed by Fidelity’s Ethereum Fund (FETH) at $26 million. Smaller inflows came from Grayscale’s mini ETH Trust and Invesco/Galaxy’s QETH, adding $5 million and $2 million respectively.

Ether ETFs’ trading volume hit $459 million, surpassing their post-launch daily average of $375 million since July 2024.

Bitcoin spot ETFs pulled in an estimated $431 million, mainly driven by BlackRock’s iShares Bitcoin Trust (IBIT), which drew $479 million. Offsetting these were outflows from ARK 21Shares Bitcoin ETF (ARKB) and Fidelity’s FBTC, totaling $48 million.

Despite bitcoin’s 2.1% price drop, trading volume for bitcoin ETFs remained robust at $3.5 billion, above the average $2.8 billion daily volume since January 2024.

Bloomberg noted a rotation from gold to bitcoin ETFs, with bitcoin ETFs seeing $9 billion in inflows over the past five weeks compared to $2.8 billion outflows from gold-backed funds.