U.S. Spot Bitcoin ETFs See $28M in Inflows, Breaking Eight-Day Outflow Streak

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…

Share

Last updated:

September 10, 2024 05:51 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. saw a reversal in their recent outflow trend, recording $28.72 million in net inflows on Monday, ending an eight-day streak of negative flows.

Fidelity’s FBTC led the inflows with $28.6 million, followed by Bitwise’s BITB, which added $21.99 million, according to data from SoSoValue.

Other funds saw smaller gains. Ark Invest and 21Shares’ ARKB pulled in $6.81 million, while Invesco’s BTCO recorded $3.14 million in net inflows.

Grayscale’s GBTC Continues to See Outflows

The day’s overall performance was dampened by Grayscale’s GBTC, which saw $22.76 million in outflows.

BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, also reported $9.06 million in outflows.

IBIT has now registered outflows or flat activity since August 26.

The 12 Bitcoin ETFs in the U.S. market collectively recorded a total daily trading volume of $1.61 billion on Monday, a decline from $2.39 billion on Friday.

These ETFs have seen $16.92 billion in cumulative net inflows since their launch in January 2024.

As reported, digital asset investment products have experienced a significant downturn, with outflows totaling $726 million over the past week.

The figure matches the largest recorded outflow, which occurred in March of this year.

Bitcoin was hit particularly hard by the recent downturn, experiencing outflows totaling $643 million.

Interestingly, short-Bitcoin products saw minor inflows of $3.9 million, indicating that some investors are still hedging against further price drops in the leading cryptocurrency.

Spot Ether ETFs See Outflows for 5th Consecutive Day

Meanwhile, spot Ethereum ETFs continued to experience net outflows, with $5.20 million reported on Monday.

This marked the fifth consecutive day of negative flows for these funds.

Grayscale’s ETHE led the outflows with $22.64 million, while Grayscale Ethereum Mini Trust (ETH) logged $7.97 million in inflows.

Fidelity’s FETH saw $7.62 million in inflows, and Bitwise’s ETHW recorded $1.85 million.

The nine Ethereum ETFs registered $124.51 million in total trading volume on Monday, down from $210.43 million on Friday.

Notably, Ethereum spot ETFs have seen consistent outflows since their launch.

As of September 7, 2024, the cumulative total net outflow stands at $573 million, with the daily net outflow on the same day reaching $5.98 million.

While there have been occasional inflows, such as $5.84 million on August 28, the trend has predominantly been negative.

Overall, total net assets for Ethereum ETFs remain over $6 billion.

Despite recent outflows, crypto-related ETFs continue to dominate the ETF market.

Out of the 400 new ETFs launched in 2024, the top four are all spot Bitcoin ETFs.

Notable offerings include BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, the ARK 21Shares Bitcoin ETF, and Bitwise’s Bitcoin ETF Trust.

Likewise, the iShares Ethereum Trust ETF became the seventh-largest ETF launch in 2024, surpassing $1 billion in inflows as of August.