The recent market activity of spot Bitcoin ETFs (exchange-traded funds) in the United States has been noteworthy over the past few weeks. These crypto investment products continued their impressive performance, achieving their best single-day results in nearly four months during the last trading week.
The buoyant investor sentiment towards these spot ETFs seems to have extended into the Bitcoin market and the broader cryptocurrency landscape, which has rebounded significantly from an earlier price downturn in September.
US Bitcoin ETFs Achieve Close to $500 Million Inflows In One Day
On Friday, September 27, the US spot Bitcoin ETF market recorded a total net inflow of $494.27 million, marking the highest amount since the $886 million surge on June 4. This was yet another remarkable daily performance for crypto-based products, which enjoyed over $365 million in net inflows just 24 hours earlier.
Data from SoSoValue indicates that Ark Invest and 21Shares’ ARKB led the day with an inflow of $203 million, followed closely by Fidelity’s FBTC with a $124 million influx. Notably, BlackRock’s IBIT made a comeback with a net inflow exceeding $110 million.
Source: SoSoValue
In another development, Grayscale Bitcoin Trust (GBTC) had a rare day of positivity, attracting $26.15 million in inflows. This figure represents the largest capital influx for the fund since mid-May, highlighting the levels of redemption experienced since the launch of spot Bitcoin ETFs.
As a result of Friday’s activities, the total weekly net inflows for Bitcoin exchange-traded funds surged to an impressive $1.11 billion. This marks the third consecutive week of significant weekly net inflows for US-based spot Bitcoin ETFs.
Spot Ethereum ETFs Achieve Second Positive Week Ever
The stellar performance of the Spot Bitcoin ETFs appears to have positively impacted their Ethereum counterparts. The Ethereum ETFs recorded their second positive trading week since inception, with a total net inflow exceeding $84.51 million over the past week.
On Friday, the total net inflow for spot Ethereum ETFs was approximately $58.6 million. According to data from SoSoValue, Fidelity’s FETH led with a capital influx of $42.5 million, while BlackRock’s ETHA came in second with $11.46 million.
iShares Ethereum ETF eclipses $1bil in assets…
Now in top 20% of all 3,700+ ETFs.
Did this in 2 months. pic.twitter.com/iRWaxkjZxl
— Nate Geraci (@NateGeraci) September 28, 2024
In a recent post on X, ETF analyst Nate Geraci noted that the BlackRock Ethereum ETF has crossed the $1 billion threshold in assets. He pointed out that this accomplishment was achieved in just two months and that ETHA is now ranked in the top 20% of over 3,700 ETFs in the United States.
The price of Bitcoin struggles to maintain the $66,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall.E, chart from TradingView
