TL;DR
- US Bitcoin ETFs saw net inflows of $28.6 million on September 9, 2024, following an eight-day streak of outflows.
- BlackRock continues to lead the market with $20.9 billion in net inflows, but recorded an outflow of $9.1 million on the same day.
- Fidelity and Bitwise also stood out with strong inflows of $28.6 million and $22 million, respectively.
The US Bitcoin ETF market experienced a major shift on September 9, 2024, when net inflows of $28.6 million were recorded, ending an eight-day streak of consecutive outflows.
Although the figures from the previous days showed an uncertain outlook, with massive outflows between August 27 and September 6, the recent rebound suggests a renewed interest in these funds, according to official data from Farside.
Despite this, BlackRock, which leads the market with its iShares Bitcoin Trust (IBIT), experienced a rare net outflow of $9.1 million, marking only its third day of outflows.
This fact highlights the volatility that characterizes the behavior of Bitcoin-related funds.
The day was dominated by strong inflows into Fidelity’s Bitcoin ETF, the Wise Origin Bitcoin Fund (FBTC), which led with $28.6 million in new investments.
In second place, Bitwise ETF attracted $22 million, followed by ARK 21Shares with $6.8 million.
Other major issuers, such as the Invesco Galaxy Bitcoin ETF (BTCO), also benefited with a $3.1 million inflow, while others such as BlackRock faced slight losses.
The surge in investments coincided with a 5.35% increase in the price of Bitcoin, which peaked at $57,635 on Sept. 9 before dipping slightly.
Despite daily fluctuations, BlackRock’s market leadership remains unchallenged, with total inflows reaching $20.9 billion since launch.
However, other players, such as Fidelity with $9.45 billion and ARK 21Shares with $2.28 billion, are also consolidating their positions in the market.
The impact on Ethereum ETFs
While Bitcoin ETFs are showing signs of recovery, Ethereum ETFs continue to struggle.
On the same day, Ether-based funds saw outflows of $5.2 million, marking the seventh consecutive day without new investments.
Despite this backdrop, BlackRock and Fidelity remain the largest players in the Ethereum space, with cumulative inflows of $1 billion and $405.4 million, respectively.
The situation for Ethereum ETFs is a stark contrast to that of Bitcoin, where flows have been more volatile but with positive trends in the short term.
On the other hand, Grayscale’s funds, both in Bitcoin and Ethereum, continue to face a downward trend with significant net outflows.
This suggests that while there is optimism in the Bitcoin market, concerns about Ethereum and other digital assets are still present, affecting investor behavior.
In short, the Bitcoin ETF market is experiencing a significant rebound, while Ethereum is still struggling to attract new flows.
As crypto market prices fluctuate, it will be key to continue to observe how these funds behave in the coming days.
