Spot Bitcoin ETFs See Record Inflows Led by Blackrock’s IBIT with $252 Million on Friday

• The cryptocurrency market recently witnessed a significant surge in spot bitcoin ETF inflows, highlighting renewed investor interest.
• On a single day, the 12 leading bitcoin ETFs secured a remarkable $252 million, marking the highest inflows recorded since late July.
• Blackrock’s IBIT fund emerged as a standout performer, contributing $86.83 million to its total, which has now reached an impressive $20.71 billion in net inflows since January.

This article explores the recent surge in inflows for spot bitcoin ETFs, detailing the performance of various funds and the broader implications for the cryptocurrency market.

Growing Bitcoin ETF Inflows Signal Market Strength

On Friday, the cryptocurrency landscape experienced a notable boost as spot bitcoin ETFs accumulated their highest inflow since the latter part of July, totaling an impressive $252 million. This compelling figure was significantly bolstered by Blackrock’s IBIT fund, which alone attracted $86.83 million, adding to its staggering cumulative net inflows of $20.71 billion since January 11, 2024. Fidelity’s FBTC followed closely, amassing $64 million, while Grayscale’s Mini Bitcoin Trust also made headlines with $50.83 million in new investments.

Analyzing the Performance Across Key Bitcoin ETFs

A closer examination reveals that numerous funds contributed to this influx of capital. Bitwise’s BITB secured $42.26 million, while Ark Invest’s ARKB and 21shares pulled in $23.81 million collectively. Additionally, Vaneck’s HODL added $14.38 million, and the Inveso and Galaxy-backed BTCO captured $3.18 million. Lastly, Valkyrie’s BRRR rounded off the day with a modest gain of $2.25 million. In contrast, Grayscale’s Bitcoin Trust (GBTC) faced a challenging day, experiencing a substantial outflow of $35.55 million, showcasing the volatility inherent in the market.

Ether ETFs Struggle to Maintain Momentum

In juxtaposition to the positive sentiment surrounding bitcoin ETFs, ether ETFs encountered difficulties, experiencing an outflow of $5.7 million on the same day. Despite an overall trade volume of approximately $215.70 million in ethers, this loss exacerbated the cumulative net outflows for ether ETFs, which have now reached around $464.65 million since July 23. Leading the inflows for ether was Vaneck’s ETHV fund with $2.01 million, followed by Bitwise’s ETHW, which added $1.38 million.

Performance of Other Ether Funds

Fidelity’s FETH fund showed more restrained performance with an increase of $685,980, whereas Grayscale’s Mini Ether Trust and other funds like ETHA, EZET, QETH, and CETH recorded no significant changes. On the downside, Grayscale’s ETHE logged a notable outflow of $9.77 million. Currently, the consolidated ether ETFs hold approximately $7.65 billion in ether reserves, representing 2.31% of ether’s overall market capitalization.

Conclusion

The recent inflows into bitcoin ETFs reflect a robust interest among investors, potentially laying a strong foundation for future growth in the cryptocurrency sector. In stark contrast, the challenges faced by ether ETFs illustrate the nuanced dynamics within the digital currency markets. As the cryptocurrency landscape continues to evolve, these trends will undoubtedly inform investor strategies and market expectations going forward.