U.S.-listed spot crypto ETFs posted strong net inflows on Wednesday despite falling prices for their underlying assets, according to a new JPMorgan report.

Both ether (ETH) and bitcoin (BTC) ETFs continued to attract solid investor demand even as ether declined 1.3% and bitcoin dropped 2.1%. Spot ether ETFs saw estimated net inflows of $84 million on May 28, driven primarily by BlackRock’s iShares Ethereum Trust (ETHA), which accounted for $52 million of the total. Fidelity’s Ethereum Fund (FETH) followed with $26 million, while smaller contributions came from Grayscale’s mini ETH Trust and Invesco/Galaxy’s QETH at $5 million and $2 million respectively.

Ether ETFs also experienced robust trading volumes, reaching $459 million in notional value—significantly above the $375 million daily average recorded since their July 2024 debut.

Bitcoin spot ETFs recorded approximately $431 million in net inflows, led by BlackRock’s iShares Bitcoin Trust (IBIT), which alone drew $479 million. However, these inflows were partially offset by redemptions from ARK 21Shares Bitcoin ETF (ARKB), which lost $34 million, and Fidelity’s FBTC, down $14 million.

Even with bitcoin’s 2.1% price dip, overall trading volumes remained high at $3.5 billion, surpassing the average $2.8 billion daily volume since the ETFs launched in January 2024.

Investor sentiment appears to be shifting away from traditional assets, with Bloomberg reporting a notable move from gold to bitcoin ETFs. Over the past five weeks, bitcoin ETFs have netted $9 billion in inflows, compared to $2.8 billion in outflows from gold-backed funds.