Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
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.

0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!