Bitcoin and Ethereum ETFs are back in the green.
(Photo by Michael M. Santiago/Getty Images)
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Key Takeaways
No BTC or ETH ETFs posted outflows for Sept. 11, 2024.
Grayscale’s BTC and ETH outflows now total over $22 billion.
BlackRock’s BTC ETF posted neutral flows despite seeing over half of the day’s trading activity.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) may finally be having a moment of respite as funds record net inflows after days of exits and uncertainty.
Bitcoin ETFs
As per data from SoSoValue, Bitcoin ETFs are building up momentum as they posted $116.96 million net inflows for Sept. 11, 2024, marking day two of positive inflows after a lengthy outflow period.
Bitcoin ETF flows. Source: SoSoValue
Up top, Fidelity’s Wise Origin Bitcoin fund (FBTC) bagged a cool $63.16 million. After glancing $10 billion in cumulative net inflows, FBTC struggled to maintain momentum following the market dip in August, though it would seem life is returning to the second-best performing BTC ETF.
In an interesting turn of events, Grayscale’s Bitcoin Mini Trust pulled its first inflows since Aug. 23, bagging $41.13 million. This raises the fund’s cumulative net inflow to $375.1 million.
Finally, the ARK 21Shares Bitcoin ETF (ARKB) posted $12.68 million in net inflows, bringing its cumulative inflow to $2.29 billion. Meanwhile, every other fund, including Grayscale, posted neutral flows on a day that saw a modest $712.25 million in total value traded.
Ethereum ETFs
Looking at Ethereum ETFs, SoSoValue data shows that funds have finally broken free from their net neutral/outflow streak, bagging a modest $11.44 million in total inflows for Sept. 11.
Ethereum ETF flows. Source: SoSoValue
It’s a double-dip for Fidelity today as it secures top billing for Ethereum ETF inflows, with its Ethereum Fund (ETH) securing a modest $7.13 million. This raises the fund’s net cumulative net inflow to $412.56 million.
Trailing just behind, BlackRock’s iShares Ethereum Trust (ETHA) netted $4.31 million in net inflows, marking only its third day of inflows since Aug. 20. Interestingly, the fund hasn’t seen a single day of outflows and carries a cumulative net inflow of $1.02 billion.
A Gray Weight
Bitcoin ETF appears to be performing as expected, with investors offloading shares during peak moments of market uncertainty. The volatility of BTC has certainly influenced these movements, but most of the outflow woes of the past month or so have largely stemmed from the Grayscale Bitcoin Trust (GBTC).
Since the beginning of August, GBTC saw over $1 billion in exits from its dwindling fund, which has seen barely a dozen days of net inflows since launching in January. It is the same with its primary Ethereum ETF, which is yet to see a single day of inflows.
Whilst Grayscale’s mini BTC and mini ETH funds have managed to see some inflows, their total combined is just over $600 million, a far cry away from remedying the almost $23 billion in exits.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
