As a seasoned researcher with a knack for deciphering market trends and a soft spot for cryptocurrencies, I find myself intrigued by this latest wave of net inflows into Bitcoin exchange-traded funds (ETFs). The surge we’ve witnessed over the past few days is reminiscent of a tidal wave, sweeping through the market with an unstoppable force.
On September 26, U.S.-based Bitcoin exchange-traded funds recorded their highest net investment influx in two months. This surge was primarily driven by the ARK 21Shares fund (ARKB), which attracted approximately $113.8 million.
Yesterday, as an analyst reviewing data from SoSoValue, I noticed a significant inflow into the 12 spot Bitcoin ETFs, totaling approximately $287.8 million. This marks the continuation of a six-day upward trend for these ETFs. In fact, this level of net inflows hasn’t been observed since July 22.
In recent days, BlackRock’s IBIT – the biggest Bitcoin exchange-traded fund available – has seen an influx of approximately $93.4 million, making this the fourth consecutive day with such investments. This latest surge brings the total net inflows for the ETF to over $21.3 billion.
Additionally, it’s worth noting that Fidelity’s FBTC, Bitwise’s BITB, and VanEck’s HODL ETFs recorded inflows of approximately $74 million, $50.4 million, and $22.1 million, respectively, according to SoSoValue. Furthermore, BTCO, EZBC, BRRR, and the Grayscale Bitcoin Mini Trust funds also experienced inflows, amounting to $6.5 million, $5.7 million, $4.6 million, and $2.9 million, respectively, as they joined the bullish trend.
On a particular day, it was only Grayscale’s GBTC exchange-traded fund that experienced withdrawals, with approximately $7.7 million leaving the fund. Since its inception, the total amount withdrawn from this fund has surpassed a staggering $20.1 billion.
The remaining spot BTC ETFs remained neutral on the day.
On September 26th, the combined trading volume for all 12 Bitcoin ETFs significantly increased more than three times to reach approximately $2.43 billion, as compared to the previous day. Since their launch, these funds have amassed a total net inflow of $18.31 billion cumulatively. At the time of reporting, Bitcoin (BTC) experienced a 2.7% increase in value, trading at around $65,323.
During that timeframe, Spot Ethereum ETFs shifted to a bearish trend, experiencing net withdrawals amounting to $675,450 on September 26, ending a two-day streak of inflows. All outflows were from Grayscale ETHE, with approximately $36 million being withdrawn from the fund.
In simpler terms, BlackRock’s ETHA and Fidelity’s FETH saw significant investments totaling $15.3 million and $15.9 million each, respectively. On the other hand, QETH, ETHW, ETHV, and CETH attracted more modest inflows of approximately $2 million, $951K, $971K, and $663K respectively.
On September 26th, there was a significant increase in trading activity for these investment tools, with the volume reaching approximately $257.4 million compared to $124 million from the day before. Meanwhile, Spot Ether ETFs have experienced a total outflow of about $581.61 million. As of the time this information was published, Ethereum (ETH) was being traded at roughly $2,652.
Read More
Sorry. No data so far.
2024-09-27 09:38