Key Points
– US spot Bitcoin ETFs recorded $365.57 million in net inflows on Thursday, marking the sixth consecutive day of positive flows.
– Total cumulative net inflows in spot Bitcoin ETFs since launch have reached $18.31 billion, signaling growing investor interest in cryptocurrency-based financial products.
Record-Breaking Inflows and Market Leaders
Thursday marked a significant milestone for US spot Bitcoin exchange-traded funds (ETFs), with total daily net inflows reaching $365.57 million. This figure represents the largest single-day inflow since late July, extending the positive trend to its sixth consecutive day, according to data from SoSoValue.
Leading the charge was the Ark Invest and 21Shares’ ARKB fund, which saw an impressive $113.82 million in net inflows. BlackRock’s IBIT, currently the largest spot Bitcoin ETF by net assets, followed closely with $93.38 million in net inflows. Fidelity’s FBTC also performed strongly, attracting $74 million worth of inflows.
Other notable performers included:
– Bitwise’s BITB: $50.38 million net inflows
– VanEck’s HODL: $22.10 million net inflows
– Smaller net inflows were recorded for funds from Valkyrie, Invesco, Franklin Templeton, and Grayscale’s Bitcoin Mini Trust
It’s worth noting that Grayscale’s GBTC was the only fund to experience a net outflow, with $7.73 million moving out of its ETF.
Market Dynamics and Trading Volume
The total trade volume among the 12 funds reached $2.43 billion on Thursday, marking the highest level since August 23. This surge in activity, coupled with the substantial inflows, has pushed the total cumulative net inflows in spot Bitcoin ETFs since their launch to an impressive $18.31 billion.
Augustine Fan, Head of Insights at SOFA.org, provided context for the market’s performance: “It’s all the green light for global risk markets as US equities hit new all-time highs for the 3rd time this week, helped by a rapid-fire of furious stimulus to resuscitate the long-struggling Chinese economy. This has led renowned macro observers to turn explicitly bullish on all risk assets in the interim, with a seemingly globally synchronized easing move that was reminiscent of the easy-money days from the QE era.”
Ethereum ETFs: A Mixed Picture
While Bitcoin ETFs continue to shine, spot Ethereum ETFs presented a more complex picture. Despite seeing net inflows across six funds, the overall market experienced a net outflow of approximately $675,450 on Thursday.
Grayscale’s ETHE led the outflows with $36 million leaving the fund. However, several Ethereum ETFs did see positive flows:
– Fidelity’s FETH: $15.92 million net inflows
– BlackRock’s ETHA: $14.85 million net inflows
– Invesco’s QETH: $2 million net inflows
– Bitwise, VanEck, and 21Shares: Net inflows under $1 million each
The nine Ethereum ETFs saw a total trade volume of $257.40 million on Thursday, more than doubling Wednesday’s $124.18 million. Since their July debut, these funds have posted total net outflows of $581.61 million, indicating a more cautious investor approach compared to their Bitcoin counterparts.
As the cryptocurrency ETF market continues to evolve, investors and analysts alike will be watching closely to see if these trends persist and what implications they may have for the broader digital asset ecosystem.
