US Spot Bitcoin ETFs See $117M in Inflows, Ethereum ETFs Register $11M

US spot Bitcoin exchange-traded funds (ETFs) saw inflows of approximately $117 million on Tuesday, marking a rebound after a recent period of outflows.

Fidelity’s Bitcoin Fund (FBTC) led the surge, attracting $63 million in net inflows, according to data from Farside Investors.

The boost brings the fund’s total net inflows to $9.5 billion after eight months of trading.

FBTC now holds $10.5 billion in Bitcoin, positioning it as the third-largest Bitcoin ETF, trailing BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC).

More Bitcoin Funds See Inflows

Other funds also saw strong performances. Grayscale’s Bitcoin Mini Trust (BTC), a lower-cost version of GBTC, and ARK Invest’s Bitcoin ETF (ARKB) attracted $41 million and $13 million, respectively.

However, BlackRock’s IBIT and other major Bitcoin ETFs experienced no inflows during Tuesday’s session.

The recent inflows follow a period of significant outflows, which began in late August and stretched into early September.

Over $1 billion was withdrawn during this time, with BlackRock’s IBIT suffering its second outflow since launching in January.

Despite these challenges, IBIT remains a dominant force, holding over $20 billion in assets.

In parallel, US spot Ethereum ETFs made a modest recovery, registering around $11 million in net inflows on Tuesday.

Fidelity’s Ethereum Fund (FETH) had an inflow of $7.1269 million, while BlackRock’s iShares Ethereum Trust (ETHA) had an inflow of $4.3101 million.

Other Ethereum ETFs saw no movement.

Ethereum spot ETF had a total net inflow of $11.437 million on September 10, the first net inflow after net outflows in the past 5 days. Fidelity ETF FETH had an inflow of $7.1269 million, and BlackRock ETF ETHA had an inflow of $4.3101 million. https://t.co/Tvs2oCSxTg

— Wu Blockchain (@WuBlockchain) September 11, 2024

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.

Digital Asset Products See Largest Outflows Since March

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.

Ethereum also faced significant losses, with outflows reaching $98 million.

Much of this came from the Grayscale Ethereum Trust, a major player in the market.

Historically, September has been a tough month for Bitcoin, as its performance tends to weaken during this period, a trend known in the cryptocurrency community as “Rektember.”

In contrast, “Uptober” refers to the often positive price action seen in October.