Key Points
- Spot bitcoin ETFs in the U.S. recorded $117 million in daily net inflows on Tuesday, ending an eight-day streak of outflows.
- Ethereum ETFs also saw positive flows of $11.44 million, marking their first net inflows since August 28.
Bitcoin ETFs Lead the Charge
After negative flows, data from SosoValue indicates that U.S. spot bitcoin exchange-traded funds (ETFs) have rebounded strongly, posting total daily net inflows worth $116.96 million on Tuesday. This shift marks the end of an eight-day streak of outflows, signaling renewed investor interest in cryptocurrency-based financial products.
Fidelity’s FBTC emerged as the frontrunner, attracting $63.16 million daily inflows. Grayscale’s Bitcoin Mini Trust followed closely with $41.13 million, while Ark Invest and 21Shares’ ARKB reported inflows of $12.68 million. Notably, BlackRock’s IBIT and eight other funds recorded zero daily flows, with IBIT not experiencing net inflows since August 26.
Despite the positive inflow numbers, the daily trading volume for the 12 bitcoin ETFs reached only $712.27 million on Tuesday, significantly lower than their usual range of $1 billion to $2 billion. This figure represents the third-lowest daily trade volume for spot bitcoin ETFs since their launch, highlighting a potential lull in market activity.
Ethereum ETFs Join the Positive Trend
In a parallel development, spot Ethereum ETFs in the U.S. also saw a reversal of fortune, recording net inflows of $11.44 million. This upturn ended a five-day streak of outflows and marked the first positive flow since August 28.
Fidelity’s FETH led the Ethereum ETF market with net inflows of $7.13 million, followed by BlackRock’s ETHA with $4.31 million. The remaining seven ether funds saw no flows on Tuesday. The total daily trading volume for the nine Ethereum ETFs stood at $102.87 million, a decrease from Monday’s $124.51 million.
Market Context and Future Outlook
The cryptocurrency market experienced some volatility on Tuesday night, coinciding with the first presidential debate between Kamala Harris and Donald Trump. Bitcoin’s price dipped 0.53% over 24 hours to around $56,296, while Ether saw a 0.61% decrease, trading at $2,323.
Market participants are now focusing on upcoming U.S. economic data releases, including the Wednesday consumer price index and the Thursday producer price index. These indicators are expected to provide insights into the broader economic landscape, potentially influencing cryptocurrency and ETF performance in the coming days.
Since their inception, bitcoin ETFs have accumulated $17.04 billion in net inflows, underscoring their growing importance in the investment landscape. However, Ethereum ETFs still face challenges, with cumulative net outflows at $562.06 million.
As the cryptocurrency ETF market continues to evolve, investors and analysts will closely monitor these trends, seeking to understand the long-term implications for digital assets and traditional financial markets.
