Thomas Daniels
Spot Bitcoin ETFs in the U.S. saw a dramatic decline in net inflows on September 23, while spot Ether ETFs ended a brief inflow streak with significant outflows.
According to SoSoValue, the 12 U.S. spot Bitcoin ETFs registered net inflows of just $4.56 million—95% lower than the previous day’s $92 million. Fidelity’s FBTC once again led the group, attracting $24.9 million, continuing its nine-day run of positive inflows. BlackRock’s IBIT, the largest Bitcoin ETF, followed with $11.5 million, breaking its four-day no-inflow streak, while Grayscale Bitcoin Mini Trust attracted $8.4 million.
Grayscale’s GBTC was the only Bitcoin ETF to report outflows, with $40.3 million leaving the fund, contributing to cumulative outflows of $20.1 billion since its inception. Eight other Bitcoin ETFs recorded no trading activity on the day.
Overall, the total trading volume for the 12 Bitcoin ETFs dropped to $949.7 million, down from $980.5 million the previous day. Since their launch, these funds have accumulated net inflows of $17.7 billion. Over the past week, Bitcoin prices surged by 8.3%, peaking at $64,501 before slipping to $63,293, representing a 0.6% drop in the last 24 hours. Bitcoin’s market capitalization currently stands at $1.25 trillion, with a 24-hour trading volume of $25.9 billion.
Analysts anticipate continued growth in Bitcoin demand. Bloomberg’s Eric Balchunas predicts that leading issuers, such as BlackRock, could potentially triple their Bitcoin holdings by the end of 2024. As ETFs draw investor interest, issuers are required to purchase Bitcoin to match demand, adding upward pressure on its price amid limited supply.
Spot Ether ETFs Reverse Inflows
In contrast, spot Ethereum ETFs recorded net outflows of $79.3 million, a reversal from the previous day’s positive flows. Grayscale’s ETHE was solely responsible for these outflows, with $80.6 million leaving the fund. This was slightly offset by inflows of $1.3 million into Bitwise’s ETHW ETF.
Despite the outflows, trading volume for spot Ether ETFs rose to $167.3 million from $139.4 million the day before. These funds have accumulated net outflows of $686.68 million since their inception. At the time of writing, Ethereum was trading at $2,639, down 0.16% over the last 24 hours.
