U.S. Spot Bitcoin ETFs See Strong Net Inflows

U.S. spot Bitcoin ETFs recorded net inflows of $186.8 million on Tuesday, marking four consecutive days of positive momentum, totaling more than $500 million overall.

Fund Contributions

BlackRock’s IBIT ETF experienced positive inflows for the first time in three weeks on Monday but fell back to zero flows yesterday. The Fidelity FBTC ETF led the net inflows with $56.6 million, according to data from CoinGlass.

Bitwise’s BITB and Ark Invest’s ARKB followed, attracting $45.4 million and $42.2 million in net inflows, respectively. Other funds that had positive flows include:
– VanEck’s HODL: $20.5 million
– Invesco’s BTCO: $10.2 million
– Franklin Templeton’s EZBC: $8.7 million
– WisdomTree’s BTCW: $3.2 million

No U.S. spot Bitcoin ETFs had net outflows on Tuesday, with Grayscale’s higher-fee GBTC also seeing no flows.

Recent Trends

Between Aug. 27 and Sept. 6, spot Bitcoin ETFs faced a record $1.2 billion in consecutive daily net outflows. However, since then, they have rebounded with $603.5 million in positive flows, bringing total net inflows to nearly $17.5 billion since their inception in January. Trading volume for these ETFs increased from $1.1 billion on Monday to $2.3 billion on Tuesday.

Nate Geraci, President of The ETF Store, noted on X, “Looks like ‘degen retail’ put another ~$200 million into spot Bitcoin ETFs on random Tuesday… 8 months after launch.” The Fidelity ETF now exceeds $10 billion in assets under management (AUM), while the BlackRock ETF surpassed $21 billion in AUM.

Bitcoin Pricing and Market Outlook

Bitcoin is currently trading at $60,203, up 2.5% in the last 24 hours and holding above the $60,000 level. Attention is now on the Federal Open Market Committee meeting, with a significant interest rate decision expected at 2 p.m. ET. Currently, traders see a 63% chance of a 50 basis-point cut and a 37% chance of a 25 basis-point cut.

Despite recent gains, there’s speculation about a potential “sell the news” effect post-announcement, with analysts predicting possible volatility and a drop to around $54,000.

Spot Ethereum ETFs Performance

In contrast, spot Ethereum ETFs experienced net outflows of $15.1 million on Tuesday, adding to $9.4 million in outflows from Monday. Grayscale’s Ethereum ETFs had $17.9 million in outflows from its higher-fee ETHE fund, partially offset by $2.8 million in inflows into its mini ETF, ETH. Since trading began in July, spot Ethereum ETFs have accumulated total net outflows of $605.9 million. Trading volume increased to $176 million on Tuesday from $128 million the previous day.