U.S. Bitcoin ETFs Accumulate $390.7 Million Over Four Days

TLDR

• U.S. spot Bitcoin ETFs saw $136 million in net inflows on Sept. 24, marking 4 straight days of inflows
• BlackRock’s IBIT led with $98.8 million in inflows
• Total inflows over the 4-day period reached $390.7 million
• Spot Ethereum ETFs rebounded with $62.5 million in net inflows
• Bitcoin price rose to $64,377, while Ethereum traded at $2,636

U.S. cryptocurrency exchange-traded funds (ETFs) have shown positive momentum in recent days, with spot Bitcoin ETFs extending their streak of inflows and Ethereum ETFs bouncing back from previous outflows.

According to data from SoSoValue, the 12 spot Bitcoin ETFs in the United States recorded net inflows of $135.95 million on September 24, 2024.

This marked the fourth consecutive day of positive inflows for these funds, bringing the total amount accumulated over this period to more than $390.7 million.

Leading the pack was BlackRock’s IBIT fund, which saw an impressive $98.89 million in net inflows on Tuesday.

This represented IBIT’s largest single-day inflow since August 26 and brought its total net inflows to date to $21.03 billion.

Following BlackRock, Bitwise’s BITB and Fidelity’s FBTC also saw significant inflows of $17.41 million and $16.80 million, respectively.

The positive trend wasn’t limited to just a few funds. Grayscale’s Bitcoin Mini Trust reported $2.85 million in net inflows, while the remaining eight Bitcoin ETFs, including Grayscale’s GBTC, recorded zero flows for the day. Notably, there were no net outflows across any of the funds on Tuesday.

The total daily trading volume for the U.S. Bitcoin ETFs reached $1.11 billion on September 24, an increase from the previous day’s volume of $949.72 million.

Since their launch in January 2024, these funds have accumulated a total net inflow of $17.83 billion, highlighting the growing interest in cryptocurrency investment products.

On the Ethereum front, spot ETFs also showed signs of recovery. After experiencing a total net outflow of over $79 million on Monday – the largest negative flow since July 29 – Ethereum ETFs rebounded with positive total daily flows of $62.51 million on Tuesday.

BlackRock’s ETHA fund led the Ethereum ETF inflows with $59.25 million, while VanEck’s ETHV and Invesco’s ether ETF saw more modest inflows of $1.94 million and $1.32 million, respectively. The remaining six Ethereum funds reported zero flows on Tuesday.

The total daily trading volume for Ethereum ETFs increased to $180.42 million on Tuesday, up from $167.35 million on Monday.

However, it’s worth noting that since their launch in July, U.S. Ethereum ETFs have accumulated negative flows of $624.17 million overall, according to SoSoValue data.

The positive flows in both Bitcoin and Ethereum ETFs coincided with an uptick in cryptocurrency prices. Bitcoin gained 2.06% over the 24-hour period, trading at $64,377. Ethereum also saw a modest increase of 0.42%, reaching $2,636.93 at the time of reporting.