U.S. spot Bitcoin ETFs made a comeback, recording daily net inflows of $39.02 million on Thursday. This positive momentum follows weeks of declining investor sentiment and declining BTC prices.
Contribution by Individual Bitcoin ETFs
The bulk of Thursday’s inflows were driven by Ark Invest and 21Shares’ ARKB fund, which attracted $18.34 million in net capital. Fidelity’s FBTC fund followed with $11.47 million, while Grayscale’s Bitcoin Mini Trust pulled in $5.18 million. VanEck’s HODL and Franklin Templeton’s Bitcoin fund also saw positive inflows of $4.95 million and $3.38 million, respectively. Meanwhile, Bitwise’s BITB fund recorded smaller but still noteworthy inflows of $2.22 million. However, not all funds were shared in the windfall. Grayscale’s GBTC fund was the only Bitcoin ETF to record outflows, with a net loss of $6.51 million. Interestingly, BlackRock’s IBIT fund, the largest spot Bitcoin ETF by net assets, remained inactive on Thursday, reporting zero inflows. The IBIT fund has seen no net inflows since August 27, suggesting a potential pause in investor activity.
Lower Trading Volume
In terms of trading volume, the 12 Bitcoin ETFs collectively reported $896.92 million in transactions on Thursday, a major drop from the previous day’s $1.27 billion. While Thursday’s inflows marked a positive shift, the lower trading volume may indicate continued caution among investors. Overall, spot Bitcoin ETFs have now accumulated $17.03 billion in net inflows since launching in January. As Bitcoin prices hover around the $58,000 mark, the market appears to be stabilizing, recovering from last week’s sharp drop.
The Story of Ether ETFs
Despite the broader recovery in inflows, the spot Ethereum ETFs did not fare as well. Grayscale’s Ether ETF (ETHE) saw $20.14 million in net outflows on Thursday, marking its second consecutive day of negative movement. None of the other eight Ether-focused funds reported any significant flows, suggesting that investors may be more hesitant about Ethereum’s near-term prospects. Investors are now closely watching the upcoming Federal Open Market Committee (FOMC) meeting, where a potential interest rate cut is anticipated. The outcome of this meeting could further influence the Ethereum and Bitcoin ETFs’ movement in the coming weeks.
The recovery in Bitcoin ETF inflows and the decrease in trading volume may indicate continued caution among investors. However, market stabilization and focus on upcoming FOMC decisions may further influence the future movement of ETFs.
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