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Bitcoin and Ethereum ETFs Run Green — BTC Nears $65K

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Eddie Mitchell
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Key Takeaways
  • Bitcoin ETFs command $57.47 billion in BTC or 4.63% of its market cap.
  • Ethereum ETFs have $6.92 billion in net assets or 2.26% of ETH’s market cap.
  • Grayscale’s primary ETF outflows now total $22.84 billion.

U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have seen combined positive inflows as bullish sentiment floods the markets.

Bitcoin ETFs

According to data  from SoSoValue, Bitcoin ETFs wrapped up last week with another day of inflows, posting a combined $92 million in net inflows on Sept. 20, 2024.

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

Fidelity’s Wise Origin Bitcoin Fund (FBTC) secured $26.12 million in net inflows, edging the fund closer to $10 billion in cumulative net inflows. The ARK 21Shares Bitcoin ETF (ARKB) is just behind, which bagged $21.99 million.

The Bitwise Bitcoin ETF (BITB) bagged $15.08 million in net inflows, as did the Grayscale Bitcoin Mini Trust with a cool $13.37 million.

The Valkyrie Bitcoin Fund (BRRR) had a rare day of inflows, netting $5.17 million. Similarly, the Invesco Galaxy Bitcoin ETF (BTCO) posted a modest $3.14 million in net inflows. All other funds, including the Grayscale Ethereum Trust (GBTC), posted neutral flows.

Ethereum ETFs

Looking at Ethereum ETFs, SoSoValue data reveals  that funds have reached a rare second day of consecutive net inflows, with funds bagging a modest total of $2.87 million on Sept. 20, 2024.

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

Unfortunately, it’s not a particularly impressive showing, as just one fund posted inflows. Interestingly, it was Grayscale’s Ethereum Mini Trust, which netted $2.87 million.

Having launched alongside the Grayscale Ethereum Trust (ETHE) and others as a spin-off with a significantly more competitive management fee of 0.15%, the mini fund has failed to capture outflows from ETHE, which bears a fee of 2.5%.

Both Grayscale’s primary Bitcoin and Ethereum funds have seen a combined outflow of $22.84 billion, which is a disaster for any fund.

Bitcoin (BTC) Price

Today, BTC is trading at $63,646 with a market cap of $1.25 trillion. Although there were many concerns that the historically bearish month of “Redtember” would push BTC to fresh lows, the reigning king of crypto has returned to form in recent days.

Bitcoin struggled to recapture $60,000 after a major price decline toward the end of August. The price tumbled as low as $54,000. Bitcoin’s price meandered until Sept. 17, when a decisive push from BTC bulls rallied the crypto above $60,000.

Bolstered by the news on Sept. 19 that the U.S. would be cutting interest rates, crypto markets saw heightened trading volumes. This aided in pushing BTC above $60,000, where it should—hopefully—remain.

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