Key Points
- US spot Bitcoin ETFs recorded their fifth consecutive day of inflows, totaling $105.84 million on Wednesday, with BlackRock’s IBIT leading the charge.
- Spot Ethereum ETFs also saw positive net inflows of $43.23 million, marking a continued trend of investor interest in cryptocurrency-based exchange-traded funds.
Bitcoin ETFs Maintain Momentum
US spot Bitcoin exchange-traded funds (ETFs) have maintained their positive momentum, recording their fifth straight day of net inflows on Wednesday, September 25, 2024. The total daily net inflows amounted to $105.84 million, demonstrating continued investor interest in these relatively new financial products.
BlackRock’s IBIT, which stands as the largest Bitcoin ETF by net assets, led the pack with substantial daily net inflows of $184.38 million. Bitwise’s BITB also contributed positively, albeit on a smaller scale, with $2.07 million in net inflows.
However, not all funds saw positive flows. Ark Invest and 21Shares’ ARKB experienced net outflows of $47.41 million, while Fidelity’s FBTC saw $33.19 million leave the fund. The remaining eight funds, including the notable Grayscale’s GBTC, reported no flows for the day.
Despite these mixed results, the overall trend remains positive. Since their launch in January 2024, the cumulative net inflows for these spot Bitcoin ETFs have reached an impressive $17.94 billion.
Trading Volume and Market Activity
The day’s trading activity for the 12 spot Bitcoin funds totaled $795.88 million in volume. While this represents a decrease from the previous day’s $1.11 billion, it still indicates significant market engagement with these products.
Ethereum ETFs Gain Traction
In a parallel development, spot Ethereum ETFs also posted positive net inflows on Wednesday, totaling $43.23 million. The Grayscale Ethereum Mini Trust led this category with $26.63 million in positive flows.
Other Ethereum ETFs also saw notable inflows:
- BlackRock’s ETHA: $9.38 million
- Fidelity’s FETH: $6.45 million
- 21Shares’ CETH: $774,100 (its first net inflow since July 31)
The nine Ethereum ETFs collectively recorded a trading volume of $124.18 million on Wednesday. Since their introduction in July 2024, these funds have experienced total net outflows of $580.94 million, making the recent positive inflows a noteworthy shift in trend.
Market Implications and Future Outlook
The continued inflows into both Bitcoin and Ethereum ETFs suggest growing mainstream acceptance and interest in cryptocurrency-based investment products. As these ETFs provide a regulated and familiar vehicle for traditional investors to gain exposure to digital assets, their performance and adoption rates serve as important indicators of the broader crypto market’s integration into conventional finance.
As the cryptocurrency market continues to evolve, the performance of these ETFs will likely play a crucial role in shaping investor sentiment and potentially influencing regulatory decisions in the coming months.
