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Bitcoin and Ethereum ETFs Bag $550M In Combined Inflows

Bitcoin and Ethereum ETFs Bag $550M In Combined Inflows

CCNCCN2024/10/01 03:39
By:CCN
Key Takeaways
  • Bitcoin ETFs command $61.21 billion in net assets or 4.71% of its market cap. This is up from 4.63% on Sept. 23.
  • BlackRock’s BTC ETF net inflows stand at $21.42 billion, and Grayscale’s BTC ETF outflows now total $20.09 billion.
  • Ethereum ETFs hold $7.44 billion in net assets or 2.3% of ETH’s market cap. This figure stood at $6.92 billion on Sept. 23.

U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) ended last week on a high note, pulling a combined $552.92 million on Friday, Sept. 27, as a renewed optimism sweeps the crypto markets.

Bitcoin ETFs

As per data from SoSoValue, Bitcoin ETFs wrapped last week with an enormous $494.27 million in net inflows, bringing the week’s total inflows to a sizeable $1.11 billion.

Bitcoin and Ethereum ETFs Bag $550M In Combined Inflows image 0 Bitcoin ETF flows. Source: SoSoValue

Closing the week out on a high , the ARK 21Shares Bitcoin ETF (ARKB) secured $203.07 million, its largest day of inflows ever. This brings ARK’s cumulative net inflow to $2.72 billion.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $123.61 million added to its balance sheet, raising its cumulative net inflow to $9.99 billion.

BlackRock’s iShares Bitcoin Trust (IBIT) took home $110.82 million on day 5 of its inflow streak, boosting its cumulative net inflow to a gigantic $21.42 billion.

Curiously, Grayscale’s Bitcoin Trust (GBTC) is amongst the day’s gainers, securing a cool $26.15 million in net inflows. After its first day of inflows since July 19, GBTC’s cumulative net outflows now stand at $20.09 billion.

The Bitwise Bitcoin ETF (BITB) saw $12.91 million in net inflows, followed by VanEck’s Bitcoin ETF (HODL) with $11.17 million. The Invesco Galaxy Bitcoin ETF (BTCO) and Valkyrie Bitcoin Fund (BRRR) captured $3.28 million and $3.26 million respectively.

All other funds posted neutral flows on what was a considerably successful week for Bitcoin ETFs. Meanwhile, ETH ETFs are experiencing a surge in interest.

Ethereum ETFs

As per SoSoValue, Ethereum ETFs posted $58.65 million in net inflows on Sept. 27, marking their second-ever week of net positive inflows.

Bitcoin and Ethereum ETFs Bag $550M In Combined Inflows image 1 Ethereum ETF flows. Source: SoSoValue

Capturing a majority of the day’s gains, Fidelity’s Ethereum Fund (FETH) posted a solid $42.54 million in net inflows, its largest since July 24. FETH is the second-best performing ETH ETF with $478.64 million in cumulative net inflows.

The leading ETH fund, BlackRock’s iShares Ethereum Trust (ETHA), tallied $11.46 million in gains, raising its cumulative net inflow to $1.13 billion. The Bitwise Ethereum ETF (ETHW) and Invesco Galaxy Ethereum ETF (QETH) pulled $5.43 million and $4.32 million, respectively.

Trailing behind, the Grayscale Ethereum Mini Trust (ETH) jotted $2.29 million in net inflows, followed by VanEck Ethereum Trust (ETHV), which bagged $1.98 million, and finally 21Share Core Ethereum ETF (CETH) pulled $1.35 million.

Just one fund, the Franklin Ethereum Trust (EZET), remained neutral—and just one fund, the Grayscale Ethereum Trust (ETHE), posted outflows. Having not seen a single day of inflows, ETHE recorded an additional $10.72 million in exits, bringing its cumulative outflow to $2.9 billion.

Positive Signs

Since launching, ETH ETF markets have regularly posted red candles on a daily/weekly basis. However last week, they captured $84.41 million after six consecutive weeks of outflows.

Bitcoin and Ethereum ETFs Bag $550M In Combined Inflows image 2 Ethereum ETF weekly flows. Source: SoSoValue

As frequently mentioned, Grayscale’s $2.9 billion in net outflows have been the main driver behind these negative results. On paper, it would suggest that ETH ETFs are a failing asset class.

Though it was widely understood that trading volumes would pale in comparison to BTC ETFs, no one had quite anticipated such a tepid performance. But, when you consider that every other fund except ETHE  is in the green, ETH ETFs are actually performing pretty well, given the broader market woes.

It’s been a tough couple of months for crypto overall. But, with “Redtember” coming to a close and BTC bulls fighting for the $65,000 level, investors will be eyeing the performance of crypto ETFs with great interest this week.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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