Bitcoin ETFs See $28.6 Million Inflows After Eight Days of Outflows
Recent Inflows in Bitcoin ETFs
On September 9, U.S.-based spot Bitcoin exchange-traded funds (ETFs) experienced net inflows totaling $28.6 million. This marked a break in an eight-day streak of outflows.
BlackRock’s Rare Outflows
While many issuers saw inflows, BlackRock’s iShares Bitcoin Trust (IBIT) experienced its third-ever day of net outflows, amounting to $9.1 million. This is notable given its previous significant outflows of $36.9 million on May 1 and $13.5 million on August 29.
Top Performers in Bitcoin ETFs
The Fidelity Wise Origin Bitcoin Fund (FBTC) led the pack with the largest inflows of $28.6 million. Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) followed, recording inflows of $22 million and $6.8 million, respectively. Additionally, the Invesco Galaxy Bitcoin ETF (BTCO) saw an inflow of $3.1 million.
Market Movements
Between August 27 and September 6, approximately $1.2 billion exited the spot Bitcoin ETFs, contributing to the eight-day outflow streak. However, on September 9, Bitcoin rallied by 5.35% to reach a high of $57,635 before settling at $56,682, as per CoinGecko data.
Dominance of BlackRock in Bitcoin ETFs
Despite the outflows, BlackRock continues to dominate the spot Bitcoin ETF market with $20.9 billion in total net inflows. Fidelity and ARK 21Shares follow with $9.45 billion and $2.28 billion, respectively. The cumulative net inflows across all issuers stand at $16.93 billion, factoring in over $20 billion in outflows from the Grayscale Bitcoin Trust (GBTC).
Ethereum ETFs Still Struggling
Outflows in Ether ETFs
U.S.-based spot Ether (ETH) ETFs recorded $5.2 million in outflows on September 9, marking their seventh consecutive trading day without inflows.
Leading Ether ETF Issuers
BlackRock and Fidelity’s Ether products lead in net inflows, with $1 billion and $405.4 million, respectively. Bitwise’s fund ranks third with $315.9 million in inflows, while the Grayscale Ethereum Trust (ETHE) has seen significant outflows of $2.69 billion.
Conclusion
The recent inflows in Bitcoin ETFs signal a potential shift in market sentiment after a period of outflows. However, the continued outflows in Ether ETFs suggest that the market for these products remains volatile. BlackRock continues to be a dominant player in the Bitcoin ETF space, despite occasional outflows.
