Bitcoin ETFs See $263 Million In Inflows in a Single Day
Spot Bitcoin ETFs in the United States had a remarkable performance at the end of last week, marking their most impressive single-day performance in nearly two months. This surge in performance indicated a shift in investor sentiment, as these crypto products had been facing substantial capital outflows in recent weeks.
On September 13, the US spot Bitcoin ETF market saw a net inflow of $263.1 million, the highest since July 22 when a single-day influx of $485.9 million was recorded. Interestingly, BlackRock’s IBIT, the largest BTC ETF in terms of assets under management, did not see any net inflows on that day.
While BlackRock’s fund had a lackluster performance in the preceding weeks with minimal trading activity, Fidelity’s FBTC led the way on that Friday with $102.1 million in capital inflows. Ark & 21Shares’ ARKB followed closely with a $99.3 million single-day influx.
Additionally, Bitwise’s BITB secured the third spot with an inflow exceeding $43 million. Noteworthy is the slowing down of outflows from Grayscale’s exchange-traded fund, with the GBTC product recording an inflow of $6.66 million on the same Friday.
The total net inflows for the Bitcoin ETFs in the US for the week amounted to $403.8 million, as reported by SoSoValue. This surge in capital inflow starkly contrasts with the previous two weeks, which witnessed a cumulative outflow of $983.31 million from the crypto funds.
The timing of these BTC ETF inflows is particularly intriguing as the price of Bitcoin surged back above the $60,000 level. Currently, the Bitcoin price remains around the $60,000 mark with minimal movement in the past day.
On the other hand, Ethereum exchange-traded funds have not been as impactful as their Bitcoin counterparts. The US-based ETH funds closed the week with a daily total net inflow of $1.52 million. Grayscale’s ETHE experienced an outflow of over $7.3 million, while Bitwise and BlackRock’s Ethereum ETFs saw capital inflows of $5.2 million and $3.67 million, respectively.
Despite the daily inflow of capital, the week ended on a negative note for Ethereum funds, with a total net outflow of nearly $13 million, according to SoSoValue’s data.
In conclusion, while Bitcoin ETFs in the US witnessed a resurgence in investor interest and inflows, Ethereum funds struggled to gain momentum, facing net outflows for the week. The dynamics of capital flows in the crypto ETF market reflect the evolving investor sentiment towards different digital assets.
