Spot Bitcoin exchange-traded funds (ETFs) in the U.S. saw a notable decline in net inflows on September 23, while spot Ether ETFs halted their two-day streak of inflows.
As reported by SoSoValue, the twelve spot Bitcoin ETFs recorded net inflows of $4.56 million, a staggering 95% drop from the $92 million inflows noted the prior trading day. Fidelity’s FBTC topped the list once again with $24.9 million in inflows after experiencing nine days of positive movements and one day of neutral activity.
BlackRock’s IBIT, the largest Bitcoin ETF, came in next with $11.5 million in inflows, coming to an end of its four-day dry spell. The Grayscale Bitcoin Mini Trust attracted $8.4 million.
The Grayscale GBTC was the only spot Bitcoin ETF to report outflows, with $40.3 million exiting the fund, leading to total outflows of $20.1 billion since its inception. The other eight Bitcoin ETFs saw no trading activity throughout the day.
The overall trading volume for the 12 Bitcoin ETFs fell to $949.7 million on September 23, down from the $980.5 million recorded the day prior. Since their launch, these funds have achieved a total net inflow of $17.7 billion.
In the last seven days, Bitcoin’s (BTC) price climbed by 8.3%, peaking at $64,501. Currently, it is trading at $63,293, reflecting a 0.6% decrease over the last 24 hours, with a trading volume of $25.9 billion and a market capitalization of $1.25 trillion.
Simultaneously, growing interest from investors is likely to drive Bitcoin prices upward. Bloomberg analyst Eric Balchunas suggested that major issuers, such as BlackRock, might potentially triple their Bitcoin holdings by the end of the next year.
When investors purchase shares in these ETFs, issuers must buy an equal amount of Bitcoin, which increases demand and further affects the already limited supply.
Spot Ether ETFs end inflow streak
The nine U.S.-based Spot Ethereum ETFs reported net outflows totaling $79.3 million, reversing the net positive flows recorded the day before. All of these net outflows originated from Grayscale’s ETHE, which saw $80.6 million exit its fund.
These outflows were somewhat mitigated by Bitwise’s ETHW, which saw inflows of $1.3 million on the same day.
The trading volume for these investment vehicles increased, rising to $167.3 million on September 23 from $139.4 million the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $686.68 million. At the time of this report, Ethereum (ETH) was trading at $2,639.
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