Bitcoin ETFs See Record Inflows, ARK 21Shares’ ARKB Leads the Way
In a significant development for the cryptocurrency market, spot Bitcoin exchange-traded funds in the United States experienced a surge in net inflows on Sept. 26, reaching a two-month high. The standout performer of the day was ARK 21Shares’ ARKB, which attracted an impressive $113.8 million in inflows, leading the pack among the 12 spot Bitcoin ETFs.
Data from SoSoValue revealed that the total net inflows for all 12 Bitcoin ETFs amounted to $287.8 million on that day, continuing a six-day streak of upward momentum. This level of inflows had not been seen since July 22, indicating a renewed interest in Bitcoin investment vehicles among investors.
BlackRock’s IBIT, the largest Bitcoin ETF, also saw a notable increase in inflows, with $93.4 million flowing into the fund. This marked the fourth consecutive day of inflows for IBIT, bringing its total net inflows to over $21.3 billion, solidifying its position as a leading player in the Bitcoin ETF space.
Other prominent Bitcoin ETFs that saw significant inflows on Sept. 26 included Fidelity’s FBTC, Bitwise’s BITB, and VanEck’s HODL ETFs, which logged $74 million, $50.4 million, and $22.1 million in inflows, respectively. Additionally, BTCO, EZBC, BRRR, and Grayscale Bitcoin Mini Trust funds joined the bullish momentum with $6.5 million, $5.7 million, $4.6 million, and $2.9 million in inflows, respectively.
However, Grayscale’s GBTC was the sole Bitcoin ETF to record outflows on the day, with $7.7 million exiting the fund. Since its launch, GBTC has seen outflows exceeding $20.1 billion, highlighting a divergence in investor sentiment compared to other Bitcoin ETFs.
The trading volume for the 12 BTC ETFs surged over three-fold to $2.43 billion on Sept. 26, compared to the previous day, indicating a heightened interest in Bitcoin investment vehicles among traders and investors. Since their launch, these funds have recorded a cumulative total net inflow of $18.31 billion, underscoring the growing popularity of Bitcoin as an investment asset.
Bitcoin (BTC) itself experienced a price increase of 2.7% over the past day, trading at $65,323 at the time of publication, further boosting investor confidence in the cryptocurrency and its associated investment products.
Ethereum ETFs Experience Outflows as Bitcoin Steals the Show
While Bitcoin ETFs enjoyed a surge in inflows, the spot Ethereum ETFs faced a different fate on Sept. 26, recording net outflows totaling $675.45K and ending their two-day streak of inflows. The outflows were primarily driven by Grayscale ETHE, which saw $36 million leaving the fund, signaling a shift in investor sentiment towards Ethereum.
However, the outflows from Grayscale ETHE were partially offset by inflows into BlackRock’s ETHA and Fidelity’s FETH, which recorded $15.3 million and $15.9 million in inflows, respectively. Other Ethereum ETFs, including QETH, ETHW, ETHV, and CETH, also saw more modest inflows ranging from $2 million to $663K, indicating a mixed response from investors towards Ethereum investment products.
The trading volume for Ethereum investment vehicles saw a significant increase, jumping to $257.4 million on Sept. 26 from $124 million on the previous day. Despite the outflows, Ethereum (ETH) was trading at $2,652 at the time of publication, reflecting a stable price performance amid the market fluctuations.
Overall, the contrasting performances of Bitcoin and Ethereum ETFs on Sept. 26 highlight the dynamic nature of the cryptocurrency market and the diverse preferences of investors seeking exposure to digital assets. As the industry continues to evolve, it will be interesting to see how investors navigate the opportunities and challenges presented by the growing array of cryptocurrency investment options.
