Bitcoin and Ethereum ETFs Bounce Back With $200M Combined Inflows

Key Takeaways

• BlackRock’s IBIT has seen $21.03 billion in cumulative net inflows, Grayscale’s GBTC outflows now stand at $20.11 billion.
• Bitcoin ETFs command $58.67 billion in net assets or 4.62% of Bitcoin’s market cap.
• Ethereum ETFs have seen their largest day of inflows since early Aug.

U.S. spot Bitcoin (BTC) and Ethereum exchange-traded funds ( ETFs ) have seen heightened inflows, with almost $200 million pouring in.

Bitcoin ETFs

According to data provided by SoSoValue, Bitcoin ETFs netted $135.95 million in inflows on Sept. 24, marking day four of their renewed inflow streak.

Bitcoin ETF flows. Source: SoSoValue

Leading the gainers by quite a sizeable margin, BlackRock’s iShares Bitcoin Trust (IBIT) has secured a solid $98.89 million. This marks its third day of inflows after an oddly quiet month of flows for the leading BTC ETF. With $21.03 billion in cumulative net inflows, IBIT remains leagues ahead of other funds.

Next up, the Bitwise Bitcoin ETF (BITB) bagged a cool $17.41 billion, as did Fiedlity’s Wise Origin Bitcoin Fund (FBTC) with $16.8 million in net inflows. Finally, the Grayscale Bitcoin Mini Trust saw net inflows of $2.85 million.

Remarkably, the Grayscale Bitcoin Trust (GBTC) saw a rare day of neutral flows, bolstering today’s positive results.

Ethereum ETFs

As per SoSoValue, Ethereum ETFs posted their largest day of inflows since Aug. 6, securing a hefty $62.51 million in net inflows on Sept. 24.

Ethereum ETF flows. Source: SoSoValue

Taking home a double win, BlackRock’s iShares Ethereum Trust (ETHA) posted $59.25 million in net inflows. This brings the leading ETH ETF’s cumulative net inflows to $1.1 billion. This is the funds’ largest day of inflows since Aug. 6.

The VanEck Ethereum Trust (ETHV) made a rare appearance with $1.94 million in net inflows. After running mostly neutral since Aug. 23, punctuated with just one day of outflows, ETHV’s cumulative net inflows now stand at a humble $63.28 million.

Finally, the Invesco Galaxy Ethereum ETF (QETH) saw its fifth-ever day of inflows, adding $1.32 million to its portfolio. With cumulative inflows of $16.44 million, QETH is one of the smaller funds.

However, the sudden revival of positive flows to lesser-bought ETH ETFs could be a positive sign for the market.

BTC and ETH Price

As per the latest data from CoinMarketCap, Bitcoin is trading at $63,676 after briefly pushing above the $6,000 price tag in the early hours. After a bullish rally on Sept. 18, traders have maintained an upward trajectory, with sentiment looking considerably more positive than just a couple of weeks ago.

Ethereum caught some of BTC’s gains and glided up from $2,296 to $2,622 in the past week. Though some would be disappointed that ETH has failed to recapture $3,000, it is still up around 14% for the week.

It is uncertain how long this market resurgence will last. But with crypto ETFs turning green again, confidence appears to be returning to the markets.

 

Read More: Ethereum Price Prediction 2024: ETH Price Analysis