BlackRock’s IBIT spot Bitcoin exchange-traded fund (ETF) recorded its first daily net inflow in over three weeks, attracting $15.8 million in new investments. This marked the first positive movement for the fund since August 26, breaking a streak of 11 trading days without inflows and two days of net outflows on August 29 and September 9, according to data from SoSoValue.
Positive Inflows for Other Bitcoin ETFs
Other prominent Bitcoin ETFs also saw significant inflows on Monday. Fidelity’s FBTC pulled in $5.1 million, Franklin Templeton’s EZBC attracted $5 million, and VanEck’s HODL fund gained $4.9 million. However, Grayscale’s GBTC, a higher-fee converted spot Bitcoin ETF, experienced a sharp reversal, with $20.8 million in net outflows following a brief inflow of $6.7 million on Friday. Grayscale’s smaller BTC ETF recorded $2.8 million in net inflows, slightly offsetting the losses.
Despite recent challenges, BlackRock’s IBIT continues to dominate the spot Bitcoin ETF market with $20.9 billion in inflows since January. Fidelity’s FBTC follows with $9.6 billion, while Grayscale’s GBTC has lost over $20 billion in net outflows, reflecting a growing trend toward lower-fee ETFs.
Sector-Wide Inflows Drop, Ethereum ETFs Struggle
Across the sector, Monday’s combined ETF inflows amounted to $12.8 million—a significant drop from Friday’s $263.2 million. Trading volume also fell, from $1.8 billion to $1.1 billion. While Bitcoin ETFs had mixed results, Ethereum ETFs faced greater challenges. Spot Ethereum ETFs saw net outflows of $9.4 million, reversing Friday’s inflow of $1.5 million.
BlackRock’s ETHA led the way with $4.2 million in inflows, followed by Grayscale’s mini Ethereum ETF, which recorded $2.3 million. However, Grayscale’s main ETHE fund faced substantial net outflows of $13.8 million, and Bitwise’s ETHW lost $2.1 million. Since its inception in July, the Ethereum ETF market has been more volatile, with total net outflows of $590.8 million, primarily driven by Grayscale’s ETHE, which has seen $2.7 billion in outflows. Other Ethereum ETFs have performed better, collectively bringing in $2.1 billion in net inflows.
Digital Asset Investment Products Rebound
Despite the challenges facing Bitcoin and Ethereum ETFs, digital asset investment products as a whole have rebounded, drawing in $436 million after a prolonged period of outflows totaling $1.2 billion. This turnaround is largely attributed to shifting market expectations, particularly the potential for a 50-basis-point interest rate cut scheduled for September 18.
Bitcoin products led the charge, receiving $436 million in inflows following 10 consecutive days of outflows amounting to $1.18 billion. Meanwhile, short-Bitcoin flows saw a reversal, with $8.5 million in outflows after three weeks of inflows.
As of now, Bitcoin is trading at $58,750, remaining flat over the past 24 hours but down 20% over the past six months. Despite this, Bitcoin is still up 39% year-to-date, bolstered by the stabilizing effect of these ETFs on the broader crypto market.