Spot Bitcoin Exchange-Traded Funds Update

Spot bitcoin exchange-traded funds in the U.S. recorded net inflows of $158.21 million on Thursday, rebounding from $52 million in net outflows the previous day.

Top Performers

Ark Invest and 21Shares’ ARKB led the inflows with $81.07 million, according to SoSoValue data. Fidelity’s FBTC followed with $49.88 million, and Bitwise’s BITB saw inflows of $10.36 million.

On Thursday, Grayscale’s Bitcoin Mini Trust attracted $9.54 million, while Franklin Templeton’s EZBC saw inflows of $7.35 million. Notably, none of the 12 bitcoin ETFs experienced net outflows, although seven funds reported zero flows for the day.

The U.S. bitcoin funds’ total daily trade volume reached $1.44 billion, reflecting a cumulative net inflow of $17.60 billion since their launch in January.

Ether ETFs

Spot ether ETFs reported $5.24 million in net inflows yesterday, solely from BlackRock’s ETHA fund. The other eight funds saw no flows. The ether funds had a total daily trade volume of $250.84 million, an increase from $221.88 million on Wednesday. However, U.S. Ethereum ETFs have accumulated negative flows of $610.35 million since their July launch, according to SoSoValue data.

Bitcoin Price Surge

Bitcoin’s price rose 2.3% in the past 24 hours, reaching $63,550 at the time of writing, as per The Block’s Bitcoin price page. The largest cryptocurrency has been increasing in value recently due to positive macroeconomic signals, recovering from a low of around $52,800 on September 6.

BTCMarkets’ crypto analyst Rachael Lucas noted, “BTC is showing a strong short-term upward trend, with the price now testing the 200-day simple moving average (SMA) on the daily chart. Over the past week, it has posted three consecutive green closes, reflecting an 8% rise.” This upward momentum has been fueled by factors such as the Federal Reserve’s recent 50 basis point rate cut and the Bank of Japan’s choice to maintain interest rates at 0.25%.

Lucas emphasized that bitcoin’s price increase aligns with trends in the S&P 500 and Nasdaq, highlighting a broader “risk-on” sentiment in global markets. However, she cautioned that to achieve a true bull cycle, characterized by sustained higher highs and lows, retail volume must significantly increase. Currently, retail participation remains low, raising uncertainty about the longevity of this upward momentum.