United States-based spot Bitcoin exchange-traded funds (ETFs) witnessed a significant turnaround on September 9, 2024, with net inflows totaling $28.6 million. This marked the end of an eight-day period characterized by continuous outflows.
Detailed ETF Performance
The resurgence in inflows was highlighted by notable activity in several major Bitcoin ETFs. The Fidelity Wise Origin Bitcoin Fund (FBTC) led the day with the largest inflow of $28.6 million. Following closely, the Bitwise Bitcoin ETF (BITB) and the ARK 21Shares Bitcoin ETF (ARKB) recorded inflows of $22 million and $6.8 million, respectively. Additionally, the Invesco Galaxy Bitcoin ETF (BTCO) saw an inflow of $3.1 million.
In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) faced its third instance of net outflows, amounting to $9.1 million. While this was the smallest outflow recorded for IBIT, it follows a significant outflow of $36.9 million on May 1 and a subsequent $13.5 million on August 29, according to data from Farside Investors.
Market Dynamics
The inflows came after a notable Bitcoin price rally on September 9, which saw Bitcoin reaching a peak of $57,635 before cooling down to its current price of $56,682, as reported by CoinGecko. The movement in Bitcoin prices appears to have influenced investor sentiment, contributing to the shift in ETF flows.
Between August 27 and September 6, approximately $1.2 billion had exited spot Bitcoin ETFs. The reversal on September 9 indicates a potential shift in market dynamics or investor confidence.
Leading Issuers and Total Inflows
BlackRock remains the dominant player in the spot Bitcoin ETF space, leading with total net inflows of $20.9 billion. Fidelity and ARK 21Shares follow as the second and third largest issuers, with net inflows of $9.45 billion and $2.28 billion, respectively. The cumulative total net inflows across all Bitcoin ETFs now stand at $16.93 billion. This figure includes over $20 billion in outflows from the Grayscale Bitcoin Trust (GBTC), highlighting a significant reallocation of assets within the market.
Ethereum ETFs Still Struggling
In contrast to the Bitcoin ETFs, U.S.-based spot Ethereum ETFs experienced continued outflows on September 9, totaling $5.2 million. This marked the seventh consecutive trading day without an inflow for Ethereum ETFs.
The performance of Ethereum ETFs shows a stark contrast to their Bitcoin counterparts. Among the Ethereum ETFs, BlackRock and Fidelity’s products lead with inflows of $1 billion and $405.4 million, respectively. Bitwise’s fund recorded an inflow of $315.9 million, while the Grayscale Ethereum Trust (ETHE) has experienced significant outflows, totaling $2.69 billion.
Summary of ETF Flows
To summarize, the ETF market saw notable activity on September 9, with a significant inflow of $28.6 million into Bitcoin ETFs following a period of outflows. This shift aligns with a brief rally in Bitcoin prices. In contrast, Ethereum ETFs continue to face challenges, with persistent outflows and underperformance relative to their Bitcoin counterparts.
| ETF Name | Inflow (Sept 9, 2024) | Outflow (Sept 9, 2024) |
|---|---|---|
| Fidelity Wise Origin Bitcoin Fund (FBTC) | $28.6 million | – |
| Bitwise Bitcoin ETF (BITB) | $22 million | – |
| ARK 21Shares Bitcoin ETF (ARKB) | $6.8 million | – |
| Invesco Galaxy Bitcoin ETF (BTCO) | $3.1 million | – |
| BlackRock’s iShares Bitcoin Trust (IBIT) | – | $9.1 million |
| Spot Ethereum ETFs | – | $5.2 million |
| BlackRock’s Ethereum ETF | $1 billion | – |
| Fidelity’s Ethereum ETF | $405.4 million | – |
| Bitwise’s Ethereum ETF | $315.9 million | – |
| Grayscale Ethereum Trust (ETHE) | – | $2.69 billion |
Featured image credit: DALL-E by ChatGPT
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