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Markets | September 27, 2024 | BitBulteni

Bitcoin ETFs Soar While Ethereum ETFs Explode

Bitcoin ETFs Soar While Ethereum ETFs Explode

Spot Bitcoin exchange-traded funds (ETFs) in the US recorded the highest net inflows in two months on September 26. ARK 21Shares' ARKB ETF kicked off this rally with an inflow of $113.8 million.

A total of 12 spot Bitcoin ETFs saw net inflows of $287.8 million yesterday, according to SoSoValue data, continuing a six-day rise. This level of net inflow was last experienced on July 22.

BlackRock’s IBIT fund, the largest Bitcoin ETF, recorded net inflows of $93.4 million. This means the fund has experienced inflows for four consecutive days. BlackRock’s IBIT fund has grown its total net inflows to over $21.3 billion, showing just how big an impact the fund has.

Other major Bitcoin ETFs have also joined this uptrend. Fidelity’s FBTC fund recorded a net inflow of $74 million, Bitwise’s BITB recorded a net inflow of $50.4 million, and VanEck’s HODL ETF recorded a net inflow of $22.1 million. Additionally, BTCO, EZBC, BRRR, and Grayscale Bitcoin Mini Trust funds continued this positive momentum with inflows of $6.5 million, $5.7 million, $4.6 million, and $2.9 million, respectively.

However, Grayscale’s GBTC ETF was the only Bitcoin ETF to record an outflow of $7.7 million during the same period. GBTC’s total outflows have exceeded $20.1 billion since launch.

This outflow was a noteworthy detail while a generally positive trend was observed for Bitcoin ETFs. Apart from this, other spot Bitcoin ETFs remained neutral throughout the day, meaning they recorded neither inflows nor outflows.

Moreover, this upward trend was not limited to net inflows only. The total trading volume of spot Bitcoin ETFs also made a big jump. On September 26, trading volume more than tripled to $2.43 billion. This trading volume compared to the previous day shows that Bitcoin ETFs attracted great interest from investors.

These funds have recorded a combined net inflow of $18.31 billion since their launch. Additionally, Bitcoin gained 2.7% in the last 24 hours and was trading at $65,323 at press time.

While Bitcoin funds were on the rise, spot Ethereum ETFs moved in the opposite direction during the same period. On September 26, spot Ethereum ETFs recorded net outflows of $675.45K, ending a two-day streak of inflows.

All of these outflows came from Grayscale’s ETHE fund, withdrawing a total of $36 million from the fund. This outflow had a negative impact on the short-term performance of Ethereum ETFs.

Still, most of these outflows were offset by other funds. BlackRock’s ETHA and Fidelity’s FETH ETF recorded inflows of $15.3 million and $15.9 million, respectively.

Additionally, the QETH, ETHW, ETHV, and CETH funds achieved net inflows of $2 million, $951K, $971K, and $663K, respectively, with more modest inflows. Although this data shows that investors’ interest in Ethereum continues, it is also noteworthy that the demand is not as strong as Bitcoin.

Trading volume for Ethereum ETFs also increased. On September 26, total trading volume rose to $257.4 million, nearly doubling the previous day’s $124 million.

However, spot Ether ETFs experienced a total net outflow of $581.61 million. At the time of publication, Ethereum was trading at $2,652. This suggests that Bitcoin’s recent performance has been stronger than Ethereum, and investors are showing more interest in Bitcoin ETFs in the short term.

Tags: Bitcoin ETFSpot Bitcoin ETFARK 21SharesBlackRock IBITGrayscale GBTCEthereum ETFSpot Ethereum ETFKripto yatırım fonları

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