- Bitcoin ETFs saw $365.7M inflows on Sept. 26, marking the highest in over two months.
- ARK 21Shares Bitcoin ETF led with $113.8M, followed by BlackRock at $93.4M.
- Ethereum ETFs recorded a $100K outflow, while Bitcoin surged 13% in two weeks.
Bitcoin reached a significant milestone on September 26, as it broke past the $65,000 mark in late trading. This increase came alongside a major influx of capital into United States-listed spot Bitcoin exchange-traded funds (ETFs).
According to data from Farside Investors, the 11 U.S. spot Bitcoin ETFs witnessed total inflows of $365.7 million on the day. This marks the highest daily inflow for Bitcoin ETFs in over two months, following the $486 million inflow recorded on July 22.
Institutional Interest Drives Momentum
Notably, the recent surge in Bitcoin ETF inflows can be attributed to rising institutional interest. September 26 saw the ARK 21Shares Bitcoin ETF lead with an inflow of $113.8 million. The BlackRock iShares Bitcoin Trust followed closely behind, recording inflows of $93.4 million.
Additionally, BlackRock’s inflows were particularly noteworthy, as the firm had experienced its largest inflow day just one day earlier, on September 25, with $184.4 million. Other key players like Fidelity’s Wise Origin Bitcoin Fund and the Bitwise Bitcoin ETF also saw sizable inflows, receiving $74 million and $50.4 million, respectively. Meanwhile, the VanEck Bitcoin ETF reported inflows of $22.1 million.
While the majority of ETFs gained traction, the Grayscale Bitcoin Trust saw a different trend. Grayscale experienced an outflow of $7.7 million, bringing its total outflows since converting to a spot ETF in January to $20.1 billion. Despite this, the combined inflow for all 11 U.S. spot Bitcoin ETFs has now reached $18.3 billion since their inception.
Bitcoin ETFs Outperform Ethereum Counterparts
Furthermore, while Bitcoin ETFs saw significant capital inflows, Ethereum-based ETFs lagged behind. On September 26, nine Ethereum ETFs registered a collective outflow of $100,000.
Ethereum ETF Flow (US$ million) – 2024-09-26
TOTAL NET FLOW: -0.1
ETHA: 15.3
FETH: 15.9
ETHW: 1
CETH: 0.7
ETHV: 1
QETH: 2
EZET: 0
ETHE: -36
ETH: 0For all the data & disclaimers visit:https://t.co/FppgUwAthD
— Farside Investors (@FarsideUK) September 27, 2024
Moreover, this occurred despite inflows of over $15 million for both BlackRock and Fidelity’s respective spot Ether funds. Grayscale’s Ethereum Trust, which has faced criticism for its high fees, saw a further $36 million outflow, continuing its downward trend.
Therefore, the recent contrast in performance between Bitcoin and Ethereum ETFs has raised questions about the different levels of institutional support for these assets. Bitcoin, bolstered by positive market sentiment and an interest rate cut from the Federal Reserve, has gained nearly 13% over the past two weeks.