U.S. Bitcoin exchange-traded funds (ETFs) have continued their upward trend, recording nearly $500 million in net inflows over the past five days. Spot Ether ETFs, too, have seen consistent positive performance, logging inflows for two consecutive days, signaling growing investor interest in cryptocurrency ETFs.
Bitcoin ETF Inflows Surge
According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded net inflows totaling $105.84 million on September 25, 2024, extending their five-day streak of positive inflows. Over this period, the funds amassed $496.56 million in total, reflecting increasing confidence in the leading cryptocurrency.
BlackRock’s IBIT, the largest Bitcoin ETF, dominated the inflows for the second consecutive day, attracting $98.9 million on September 25. This brought IBIT’s total net inflows to $21.2 billion, making it a key player in the cryptocurrency ETF space. Bitwise’s BITB followed with $2.1 million in inflows, showcasing solid investor interest.
However, not all Bitcoin ETFs experienced positive inflows. Fidelity’s FBTC and ARK 21Shares’ ARKB saw notable outflows, with $33.2 million and $47.4 million withdrawn, respectively. Meanwhile, other Bitcoin ETFs, including Grayscale’s GBTC, remained neutral, with no significant trading activity.
Since Grayscale’s GBTC conversion into an ETF, it has experienced significant outflows, with investors withdrawing over $20.1 billion from the fund. Despite this, the sharp outflows have slowed in recent weeks, indicating that investor confidence may be stabilizing.
Total trading volume across the 12 Bitcoin ETFs fell to $795.85 million on September 25, down from $1.11 billion on the previous day. Since their launch, these Bitcoin ETFs have recorded a cumulative total net inflow of $17.94 billion, underscoring the growing influence of these funds in the cryptocurrency market.
At the time of publication, Bitcoin was trading at $63,675, reflecting continued market strength.
Ether ETFs Continue Positive Performance
Spot Ether ETFs also saw sustained inflows, logging net inflows of $43.23 million on September 25. This marked the second consecutive day of positive performance for these funds, following a wave of interest sparked by Ethereum’s market momentum.
Most of the inflows for Ether ETFs went into Grayscale’s Bitcoin Mini Trust, which saw an addition of $26.6 million on September 25. BlackRock’s ETHA and Fidelity’s FETH were next, drawing in $9.4 million and $6.4 million, respectively. 21Shares’ CETH reported more modest inflows of $774,100.
The remaining spot Ether ETFs, however, did not see any notable trading activity, indicating selective investor interest in specific funds.
Trading volume for Ether ETFs dropped to $124 million on September 25, down from the $180.42 million recorded on the previous day. Despite the recent inflows, spot Ether ETFs have cumulatively experienced net outflows totaling $580.94 million since their inception.
At the time of writing, Ethereum was trading at $2,613, signaling a stable market outlook.
Rising Odds of a Bitcoin All-Time High
As cryptocurrency ETFs continue to gain traction, the odds of Bitcoin’s price reaching a new all-time high are rising. With consistent inflows into Bitcoin ETFs and a more mature investment environment, many analysts believe the digital asset may be poised for a significant rally in the coming months.
Ether ETFs, too, remain in the spotlight, with investors closely monitoring the performance of Ethereum as the second-largest cryptocurrency by market cap continues to solidify its position in the market.
Both Bitcoin and Ether ETFs demonstrate the growing institutional interest in cryptocurrency as a mainstream asset class, and the performance of these funds will likely serve as a barometer for future crypto market movements.
Related topics:
AI News: UN Calls for Global AI Governance Amid Challenges for Meta & OpenAI
Terraform Labs Gets Court Approval to Wind Down Operations, LUNC & LUNA Rally
Coinbase CLO Debunks SEC ‘Crypto Asset Security’ Claims Ahead of Gensler Hearing
