Bitcoin ETFs may be returning to form as they post a fourth day of net inflows.
(Photo by Andrew Burton/Getty Images)
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Key Takeaways
Bitcoin ETFs command $54.25 billion in BTC or 4.63% of its market cap.
Grayscale’s BTC ETF outflows now total $19.66 billion.
Bitcoin has failed to retake $60,000 and may slide to $55,000 in coming weeks.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) are in the green as inflows and outflows begin to stabilize across the market.
Bitcoin ETFs
As per data on SoSoValue, Bitcoin ETFs have seen a solid $88.06 million in net inflows for Aug. 20, 2024, marking day four of their renewed inflow streak.
Bitcoin ETF flows. Source: SoSoValue
However, it’s worth noting that just two Bitcoin funds saw positive inflows.
Naturally, BlackRock’s iShares Bitcoin Trust (IBIT) led the pack, posting $55.43 million in net inflows. Since launching, IBIT has seen some $20.54 billion in cumulative net inflows, making it the best-performing Bitcoin ETF and one of the top ETF launches of 2024.
Close behind was ARK 21Shares’ Bitcoin ETF (ARKB), which bagged $51.91 million, its largest inflow since mid-July. This brings ARKB’s cumulative net inflows to $2.5 billion, ranking it as the third best-performing BTC ETF.
Typically, inflow and outflow data would be disproportionately affected by the outflows of one or more Bitcoin funds. However, their inflow/outflow rates are trending downward, which may be a positive.
Looking at the losers for the week, the Bitwise Bitcoin ETF (BITB) saw $4.47 million in exits.
Since late July, BITB has struggled to pull inflows above $10 million; when it did, it was offset by outflows some days later. Regardless, the fund ranks fourth for cumulative net inflows, which now stand at $2.01 billion.
The Grayscale Bitcoin Trust (GBTC) was the loss leader yet again, although it was one of the fund’s smallest days of exits, shedding $12.81 million. This brings GBTCs net outflows to $19.66 billion.
Bitcoin Price
Bitcoin ETFs certainly served to boost the crypto markets, but investors are still wondering when the post-halving, post-Ethereum ETF bull run is coming.
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.
