Spot Bitcoin ETFs (exchange-traded funds) in the United States ended the past week with remarkable performance, marking their best single-day results in nearly two months. This significant achievement indicates a shift in investor sentiment, particularly after experiencing substantial capital outflows over the previous weeks.
Investors Return to Bitcoin ETFs After Weeks of Outflows
On September 13, the US spot Bitcoin ETF market saw a net inflow of $263.1 million, the highest since July 22, when a $485.9 million inflow was recorded. Interestingly, BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, did not register any net inflows on this day.
Despite BlackRock’s fund seeing no net trading activity recently, other ETFs showed significant movement. Fidelity’s FBTC led the day with $102.1 million in capital inflows, followed closely by Ark & 21Shares’ ARKB, which saw a $99.3 million single-day influx. Bitwise’s BITB came in third with an inflow of over $43 million. Notably, Grayscale’s GBTC product posted an inflow of $6.66 million, indicating a slowdown in outflows.
According to data from SoSoValue, the combined total weekly net inflows for Bitcoin ETFs amounted to an impressive $403.8 million. This positive trend contrasts sharply with the previous two weeks, which saw a cumulative $983.31 million withdrawn from crypto funds.
The timing of these BTC ETF inflows is particularly noteworthy, coinciding with Bitcoin’s price rising above the $60,000 level. As of now, Bitcoin’s price continues to hover around this mark, showing minimal movement over the past day.
Ethereum Funds Struggle to Match Bitcoin ETFs
Spot Ethereum exchange-traded funds have not lived up to the initial excitement, struggling to make the same impact as their Bitcoin counterparts. On the same Friday, US-based ETH funds closed with a daily total net inflow of $1.52 million.
Grayscale’s ETHE posted a significant outflow of more than $7.3 million. Meanwhile, Bitwise and BlackRock’s Ethereum ETFs registered capital inflows of $5.2 million and $3.67 million, respectively. However, these inflows were insufficient to turn the week into a positive one for Ethereum funds.
According to SoSoValue’s data, the Ethereum ETF market saw a total net outflow of nearly $13 million over the past week. This continued outflow underscores the challenges Ethereum funds face in matching the performance and investor interest seen in Bitcoin ETFs.
As the cryptocurrency market continues to evolve, it will be interesting to see how these trends develop. Investors and analysts alike will be watching closely to see if Bitcoin ETFs can maintain their momentum and if Ethereum funds can close the gap.
