Key Points
- U.S. spot bitcoin ETFs ended an eight-day streak of negative flows, recording $28.72 million in net inflows on Monday, September 9, 2024.
- Spot Ethereum ETFs continued to struggle, marking their fifth consecutive day of net outflows with a total of $5.20 million leaving the funds.
Bitcoin ETFs Bounce Back
After over a week of outflows, U.S. spot bitcoin exchange-traded funds (ETFs) returned to positive territory on Monday. According SoSoValue, the group of 12 bitcoin ETFs collectively added $28.72 million in net inflows, breaking an eight-day streak of negative flows.
Fidelity’s FBTC led the resurgence with $28.6 million in inflows, closely followed by Bitwise’s BITB with $21.99 million. Smaller positive contributions came from Ark Invest and 21Shares’ ARKB ($6.81 million) and Invesco’s BTCO ($3.14 million).
However, continued outflows from some funds partially offset the day’s gains. Grayscale’s GBTC saw the largest outflow at $22.76 million, while BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, recorded $9.06 million in net outflows. IBIT has not seen positive flows since August 26.
Despite the recent fluctuations, the overall trend for bitcoin ETFs remains positive. Since their launch in January, these funds have accumulated $16.92 billion in net inflows. On Monday, bitcoin ETFs’ total daily trading volume was $1.61 billion, down from $2.39 billion the previous Friday.
Ethereum ETFs Continue to Struggle
In contrast to their bitcoin counterparts, spot Ethereum ETFs in the U.S. continued to face challenges. Monday marked the fifth consecutive day of net outflows for these funds, with a total of $5.20 million leaving the market.
Grayscale’s ETHE bore the brunt of the exodus, reporting $22.64 million in net outflows. However, the Grayscale Ethereum Mini Trust (ETH) bucked the trend with $7.97 million in inflows.
Other Ethereum ETFs saw modest inflows, with Fidelity’s FETH adding $7.62 million and Bitwise’s ETHW gaining $1.85 million. Despite these positive movements, the cumulative net flows for Ethereum ETFs remained negative, with $573.49 million in net outflows since their inception.
The total daily trading volume for the nine Ethereum ETFs decreased to $124.51 million on Monday, down from $210.43 million the previous Friday.
Industry Perspectives
While the current data shows some volatility in the crypto ETF market, industry experts remain optimistic about the long-term adoption of these financial products. Bitwise CIO Matt Hougan recently stated that “investment advisors are adopting bitcoin ETFs faster than any new ETF in history.” He cited data showing that BlackRock’s spot bitcoin fund has attracted $1.5 billion from investment advisors alone.
As the crypto ETF landscape continues to evolve, investors and analysts will be closely watching for signs of sustained growth and increased institutional adoption in both the Bitcoin and Ethereum markets.
