On Monday, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a significant shift, recording $28.72 million in net inflows and breaking an eight-day streak of outflows.
Leading the inflows was Fidelity’s FBTC, which saw $28.6 million in new investments. Bitwise’s BITB followed with $21.99 million in inflows, as reported by SoSoValue. Other notable gains included Ark Invest and 21Shares’ ARKB, which attracted $6.81 million, and Invesco’s BTCO, which saw $3.14 million in net inflows.
Despite this positive performance from several funds, Grayscale’s GBTC saw a dampening effect with $22.76 million in outflows. Additionally, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, reported $9.06 million in outflows, marking a period of outflows or stagnant activity since August 26.
The 12 Bitcoin ETFs collectively recorded a daily trading volume of $1.61 billion on Monday, a decrease from the $2.39 billion observed on Friday. Since their launch in January 2024, these ETFs have accumulated $16.92 billion in net inflows.
In contrast, digital asset investment products have been struggling, with outflows reaching $726 million over the past week, matching the largest outflow recorded in March of this year. Bitcoin was notably affected, experiencing outflows of $643 million. However, short-Bitcoin products experienced slight inflows of $3.9 million, suggesting some investors are still hedging against further price declines in the leading cryptocurrency.
Spot Ether ETFs Continue Downward Trend
Meanwhile, spot Ethereum ETFs faced their fifth consecutive day of net outflows, totaling $5.20 million on Monday. Grayscale’s ETHE led the outflows with $22.64 million, while the Grayscale Ethereum Mini Trust (ETH) recorded $7.97 million in inflows. Fidelity’s FETH saw $7.62 million in inflows, and Bitwise’s ETHW added $1.85 million.
The nine Ethereum ETFs had a total trading volume of $124.51 million on Monday, down from $210.43 million on Friday. Ethereum ETFs have seen consistent outflows since their launch, with cumulative net outflows reaching $573 million as of September 7, 2024. The daily net outflow on the same day was $5.98 million, although occasional inflows, such as $5.84 million on August 28, have occurred. Despite the recent trend, total net assets for Ethereum ETFs remain above $6 billion.
Despite these outflows, crypto-related ETFs continue to be prominent in the ETF market. Among the 400 new ETFs launched in 2024, the top four are all spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, the ARK 21Shares Bitcoin ETF, and Bitwise’s Bitcoin ETF Trust. The iShares Ethereum Trust ETF also stands out, becoming the seventh-largest ETF launch of 2024, surpassing $1 billion in inflows as of August.