Key Points
- US spot bitcoin ETFs reported $235.19 million in net inflows on Monday, marking the second consecutive day of positive flows.
- Fidelity’s FBTC led the inflows with $103.68 million, while BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, saw inflows of $97.88 million.
Strong Performance Continues for Bitcoin ETFs
The U.S. spot bitcoin exchange-traded funds (ETFs) market witnessed another day of substantial growth on Monday, October 7, 2024. Net inflows reached $235.19 million, extending the positive trend to two consecutive days. This performance underscores the growing investor interest in bitcoin-based financial products.
Fidelity’s FBTC emerged as the frontrunner, recording the largest daily inflows among the 12 ETFs. The fund attracted $103.68 million, showcasing its strong appeal to investors. Following closely was BlackRock’s IBIT, the current market leader in terms of net assets. IBIT reported net inflows of $97.88 million, bouncing back strongly after reporting zero flows the previous Friday.
Diverse Performance Across ETF Offerings
While the top performers dominated the inflows, several other ETFs also contributed to the positive trend:
- Bitwise’s BITB: $13.09 million in net inflows
- Ark and 21Shares’ ARKB: $12.63 million in inflows
- VanEck’s HODL: $5.37 million in inflows
- Invesco’s BTCO: $2.53 million in inflows
Notably, Grayscale’s GBTC, the second-largest spot bitcoin ETF, along with six other ETFs, reported zero flows on Monday. This diverse performance highlights the varying investor preferences and market dynamics within the bitcoin ETF space.
Market Activity and Trading Volumes
The total trading volume for the 12 ETFs reached $1.22 billion on Monday, showing a slight increase from $1.19 billion on Friday and $1.13 billion on Thursday. This uptick in trading volume aligns with the overall positive inflow trend, indicating sustained market interest and activity.
Ethereum ETFs Show Contrasting Performance
In contrast to the bitcoin ETF market, spot Ethereum ETFs in the U.S. recorded zero flows on Monday. This comes after net inflows of $7.39 million on Friday and net outflows of $3.2 million on Thursday, highlighting the more volatile nature of the Ethereum ETF market.
The total trading volume for the nine Ethereum ETFs decreased to $118.43 million on Monday, down from $148.01 million on Friday. This reduction in trading volume suggests a temporary lull in investor activity within the Ethereum ETF sector.
As the cryptocurrency ETF market continues to evolve, these fluctuations in inflows and trading volumes provide valuable insights into investor sentiment and market trends. The strong performance of bitcoin ETFs, particularly those offered by major financial institutions like Fidelity and BlackRock, indicates a growing mainstream acceptance of cryptocurrency-based investment products.
