Spot Bitcoin ETFs’ Inflows Surge
Spot bitcoin exchange-traded funds (ETFs) in the U.S. saw total daily net inflows of $365.57 million on Thursday, marking the largest inflow since late July. This was the sixth consecutive day of positive inflows, based on SoSoValue data.
Leading the inflows was Ark Invest and 21Shares’ ARKB, which reported inflows of $113.82 million. BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, followed closely with $93.38 million in net inflows. Fidelity’s FBTC also experienced $74 million in inflows, while Bitwise’s BITB recorded $50.38 million in net inflows. VanEck’s HODL attracted $22.10 million. Smaller inflows were noted among funds from Valkyrie, Invesco, Franklin Templeton, and Grayscale’s Bitcoin Mini Trust.
Interestingly, Grayscale’s GBTC was the only ETF to experience net outflows, totalling $7.73 million.
Thursday’s overall trading volume among the 12 funds reached $2.43 billion, the highest since August 23. Cumulatively, net inflows into spot bitcoin ETFs have now hit $18.31 billion since their launch.
Augustine Fan, Head of Insights at SOFA.org, commented, “It’s all the green light for global risk markets as US equities hit new all-time highs for the third time this week, aided by unprecedented stimulus to revive the struggling Chinese economy. This has led prominent macro observers to turn bullish on all risk assets, reflecting a globally synchronized easing reminiscent of the easy-money days from the QE era.”
Ether ETFs Experience Outflows
In contrast, spot Ethereum ETFs worth around $675,450 saw net outflows of $36 million on the same day, despite some funds showing inflows.
Fidelity’s FETH led with $15.92 million in inflows, while BlackRock’s ETHA saw $14.85 million. Invesco’s QETH reported net inflows of $2 million, whereas funds from Bitwise, VanEck, and 21Shares had inflows under $1 million. Overall, the nine ether ETFs had a trading volume of $257.40 million, more than double the previous day’s volume.
Since their debut in July, total net outflows in ether funds have reached $581.61 million.
At the time of writing, Bitcoin’s price increased by 2.9% in 24 hours, reaching $65,330.96, while Ethereum also rose by 1.8% to $2,648. Fan commented that this crypto rally appears to have more “staying power” than previous ones, as investor sentiment has shifted to a ‘buy the dip’ mode without apparent downside catalysts in the near term.
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