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

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.

On September 9, the Bitcoin spot ETF had a total net inflow of $28.7196m. Grayscale ETF GBTC had an outflow of $22.76m, and Fidelity ETF FBTC had an inflow of $28.5954m. Ethereum spot ETF had a total net outflow of $5.198m, and continued to have a net outflow for 5 days.…

— Wu Blockchain (@WuBlockchain) September 10, 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.