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BlackRock's IBIT Sees First Net Inflows in Weeks, Ethereum ETFs Struggle

Sep 17, 2024
  1. First Inflows Since August
  2. Partial Stabilization in Bitcoin ETF Market
  3. Ethereum ETFs Continue to Face Outflows

This week, BlackRock's IBIT recorded its first inflows since August, while Ethereum ETFs continue to experience significant outflows.

First Inflows Since August

BlackRock's IBIT recorded its first daily net inflows since August 26. On Monday, the fund attracted $15.8 million in fresh inflows after enduring 11 consecutive trading days of stagnant flows and a few outflow days.

Partial Stabilization in Bitcoin ETF Market

Despite the influx of investments, trading volumes for Bitcoin ETFs dipped, with activity falling from $1.8 billion to $1.1 billion. Other market participants also saw positive capital movements: Fidelity's FBTC, Franklin Templeton's EZBC, and VanEck's HODL attracted $5.1 million, $5 million, and $4.9 million, respectively. Grayscale's GBTC saw $20.8 million leave the fund, although their mini product BTC saw a $2.8 million uptick.

Ethereum ETFs Continue to Face Outflows

On Monday, spot Ethereum ETFs saw a collective net outflow of $9.4 million, contrasting with the $1.5 million inflows observed days earlier. BlackRock's ETHA led with $4.2 million in new inflows, but this was not enough to offset the $13.8 million that left Grayscale's converted ETHE fund. Since their launch in July, Ethereum funds have struggled with $590.8 million in net outflows.

While BlackRock's IBIT shows a positive trend for the first time in weeks, Ethereum ETFs continue to face outflows, highlighting the current challenges in the crypto-ETF market.

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