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Bitcoin ETFs Inflows Run Flat, Ethereum ETF Outflows Skyrocket to $79M

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Eddie Mitchell
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Key Takeaways
  • Bitcoin ETFs hold $57.91 billion in BTC or 4.63% of Bitcoin’s market cap.
  • Ethereum ETFs now command $7.2 billion in ETH or 2.25% of Ethereum’s market cap.
  • Grayscale’s primary funds have combined outflows of $22.96 billion.

U.S. spot Bitcoin (BTC) and Ethereum exchange-traded funds (ETFs) have begun the week with mixed results as funds remain mostly neutral, apart from Grayscale.

Bitcoin ETFs

According to data from SoSoValue, Bitcoin ETFs saw minimal activity on Sept. 23, 2024 , posting $4.65 million in net inflows.

Bitcoin ETF daily inflow/outflow chart.
Bitcoin ETF flows. Source: SoSoValue

Fidelity’s Wise Origin Bitcoin Fund (FBTC) was the top gainer for the day, bagging $24.93 million as it extended its inflow streak to a third day. Having not seen a day of outflows since Sept. 6, FBTC’s cumulative net inflows now stand at $9.81 billion.

Next, BlackRock’s iShares Bitcoin Trust (IBIT) netted a cool $11.54 million, raising its cumulative net inflow to a whopping $20.94 billion. After an incredibly solid performance throughout the summer, IBIT is going through a moment of calm and has recorded just two days of inflows and outflows since Aug. 26.

Finally, the Grayscale Bitcoin Mini Trust saw $8.42 million in net inflows, marking day 4 of its very own inflow streak. Since launching on July 31, the mini-fund has captured $416.59 million in cumulative net inflows.

Finally, the Grayscale Bitcoin Trust (GBTC) recorded $40.33 million in net outflows after a rare two-day streak of neutral flows. GBTC’s cumulative net outflows now stand at a disastrous $20.11 billion.

Ethereum ETFs

According to SoSoValue, Ethereum ETFs have seen their worst day of outflows  since late July, posting $79.21 million in net outflows on Sept. 23.

Ethereum ETF daily inflow/outflow chart.
Ethereum ETF flows. Source: SoSoValue

The only gainer for the day was the Bitwise Ethereum ETF (ETHW), which saw its first inflows after a week of neutrality, bagging a very modest $1.34 million.

The only loser, as expected, was the Grayscale Ethereum Trust (ETHE), which saw its single largest day of outflows since July 31, shedding $80.55 million from its fund. This now brings ETHE’s cumulative net outflows to $2.85 billion.

Grayscale Outflows

ETHE is the only fund in the red, just as GBTC is the only BTC ETF in the red, and deeply so.

Grayscale’s “mini fund” bid isn’t paying off. After burning customers for months with management fees that are ten times higher than competitors, it’s no wonder that investors are simply exiting and ignoring the mini-fund offerings on their way out.

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