US Spot Bitcoin ETFs Continue Positive Streak with $106M Inflows; BlackRock’s IBIT Attracts $184M

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Ruholamin Haqshanas

Author

Ruholamin Haqshanas

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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…

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Last updated:

September 26, 2024 02:23 EDT

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US-listed spot Bitcoin ETFs recorded their fifth consecutive day of inflows, amassing a total of $106 million on Wednesday.

BlackRock’s iShares Bitcoin Trust (IBIT) led the surge, attracting $184 million in net investments, according to Farside Investors data.

Meanwhile, Bitwise’s Bitcoin ETF (BITB) gained an additional $2 million. However, not all funds shared this momentum.

Fidelity’s FBTC Reports Outflows

Fidelity’s Bitcoin Fund (FBTC) and the ARK Invest/21Shares Bitcoin ETF (ARKB) reported significant outflows of approximately $33 million and $47 million, respectively.

Other major Bitcoin ETFs, such as the Grayscale Bitcoin Trust (GBTC), saw no inflows.

Since its conversion to an ETF, GBTC has experienced over $20 billion in investor withdrawals.

While the initial outflows were substantial, they have tapered off in recent weeks.

As capital shifts towards other funds, particularly BlackRock’s IBIT, US spot Bitcoin ETFs have collectively accumulated around $246 million in net inflows this week, showcasing sustained investor interest in the crypto asset class.

Meanwhile, US-listed Ethereum spot ETFs also witnessed a strong performance on Thursday, registering a net inflow of $43.23 million.

The boost comes despite a cumulative outflow of $580.94 million over the past week, reflecting a growing investor interest in Ethereum-based exchange-traded products.

According to data from SoSoValue, Grayscale’s Ethereum ETF (ETHE) led the pack with a minor daily inflow, although the fund has seen a total outflow of $2.85 billion to date.

BlackRock’s Ethereum ETF (ETHA) followed, drawing in $9.38 million on Monday. Fidelity’s FETH also performed well, accumulating $6.45 million in new investments.

On the other hand, VanEck’s ETHV and Franklin’s EZET ETFs experienced no net inflows.

As the total value traded across Ethereum ETFs reached $124.18 million, the total net assets now stand at $7.03 billion, representing 2.26% of Ethereum’s market cap.

SEC Postpones Decision on ETH ETF Options

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Nasdaq’s proposed rule change to list and trade options on BlackRock’s iShares Ethereum Trust (ETHA).

Originally expected by September 26, the SEC’s decision has now been pushed back to November 10.

As reported, the agency said the delay allows it to assess the potential implications of such a move on market stability.

The SEC’s decision to delay is not unusual.

Under Section 19(b)(2) of the Securities Exchange Act, the regulator has the authority to extend its review period for up to 90 days to thoroughly evaluate the potential risks and benefits of the proposal.

The decision comes shortly after the SEC approved options trading for BlackRock’s iShares Bitcoin Trust (IBIT), following amendments to address concerns about market manipulation and excessive risk-taking.

In addition to postponing the ruling on BlackRock’s Ethereum options, the SEC has also delayed its decision on a separate proposal by NYSE American LLC.