U.S. Spot Bitcoin ETFs See Record $365M in Inflows, Marking Six-Day Winning Streak

Bitcoin ETFs Ethereum

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Author Profile

Share

Copied

Last updated: 

September 27, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Spot Bitcoin exchange-traded funds (ETFs) in the United States recorded a significant daily net inflow of $365.57 million on Thursday, marking the largest influx since late July.

This latest surge extends the positive streak to six consecutive days, according to data from Sosolvalue.

Leading Thursday’s inflows was the ARKB ETF, managed by Ark Invest and 21Shares, which saw a substantial addition of $113.82 million.

BlackRock’s IBIT Also Sees Inflows

BlackRock’s IBIT, the largest spot Bitcoin ETF in terms of net assets, followed closely with $93.38 million in net inflows.

Fidelity’s FBTC also experienced a strong performance, attracting $74 million.

Bitwise’s BITB reported a net inflow of $50.38 million, while VanEck’s HODL added $22.10 million.

Smaller net inflows were observed across other funds from Valkyrie, Invesco, Franklin Templeton, and Grayscale’s Bitcoin Mini Trust.

However, it wasn’t a perfect day for all players. Grayscale’s GBTC was the only ETF to report a net outflow, losing $7.73 million in assets.

Despite this setback, the overall performance of spot bitcoin ETFs was robust, with total trade volume among the 12 funds reaching $2.43 billion—the highest since August 23.

With Thursday’s inflows, the total cumulative net inflows into spot Bitcoin ETFs since their inception have now risen to $18.31 billion.

The impressive inflows come amid a broader bullish sentiment across global risk markets.

“It’s all green lights for global risk markets as U.S. equities hit new all-time highs for the third time this week,” said Augustine Fan, Head of Insights at SOFA.org.

“The rally has been fueled by rapid stimulus measures to revive the struggling Chinese economy, which has led renowned macro observers to turn explicitly bullish on all risk assets in the interim. The synchronized global easing move is reminiscent of the easy-money days of the QE era.”

Ethereum ETFs See Outflows

While Bitcoin ETFs flourished, the performance of spot Ethereum ETFs painted a different picture.

The sector saw a net outflow of around $675,450 on Thursday, despite net inflows across six funds.

Grayscale’s ETHE posted the largest outflow, losing $36 million, according to Sosolvalue data.

On the positive side, Fidelity’s FETH recorded net inflows of $15.92 million, and BlackRock’s ETHA added $14.85 million.

Invesco’s QETH saw a modest net inflow of $2 million, while funds from Bitwise, VanEck, and 21Shares reported inflows of under $1 million each.

The nine Ether ETFs registered a total trade volume of $257.40 million on Thursday, more than doubling Wednesday’s $124.18 million.

However, since their launch in July, they have collectively posted net outflows of $581.61 million.

In the broader cryptocurrency market, Bitcoin’s price climbed 2.9% over the past 24 hours to $65,330.96, its highest level since late July.

Ether also saw gains, rising 1.8% to $2,648.

Fan believes this crypto rally has more “staying power” than previous ones.

“Investor sentiment has shifted to a ‘buy the dip’ mentality, and with no significant downside catalysts in sight, the risk-reward balance seems to favor a continued rally,” he said.