On September 23, significant outflows in Bitcoin and Ether spot ETFs led to a noticeable decline in new investments.
Decline in Bitcoin ETF Inflows
According to SoSoValue data, 12 spot Bitcoin ETFs logged net inflows of $4.56 million, 95% lower than the $92 million recorded the previous trading day. Fidelity's FBTC led the lot again with $24.9 million in inflows following nine days of positive flows and one day of neutral flows. BlackRock's IBIT, the largest BTC ETF, ended its four-day no-flow streak with $11.5 million flowing into its fund. Grayscale Bitcoin Mini Trust drew in $8.4 million. Grayscale's GBTC was the sole spot Bitcoin ETF to report outflows, with $40.3 million leaving the fund. The remaining eight BTC ETFs witnessed no trading activity on the day.
Bitcoin Market Overview
Total trading volume for the 12 BTC ETFs dropped to $949.7 million on September 23, lower than the $980.5 million seen the previous day. Since their launch, these funds have recorded a cumulative total net inflow of $17.7 billion. Bitcoin’s price surged by 8.3% over the past seven days, peaking at $64,501. At the time of publication, it was priced at $63,293, down 0.6% over the last day. The trading volume for Bitcoin over the last 24 hours was $25.9 billion, and its market capitalization reached $1.25 trillion.
Decline in Ether ETF Inflows
The nine US-based spot Ethereum ETFs recorded net outflows totaling $79.3 million, a flip from the net positive flows seen the previous day. The entire net outflow originated from Grayscale's ETHE, with $80.6 million flowing out of its fund. These outflows were partially offset by Bitwise's ETHW, which logged inflows of $1.3 million on the day. The trading volume for these investment vehicles had risen to $167.3 million on September 23 from $139.4 million the previous day. At the time of publication, Ethereum was trading at $2,639.
The overall state of the cryptocurrency market and ETF dynamics show significant changes in investment flows. As demand for Bitcoin and Ether increases, analysts speculate that prices might rise further due to the limited supply.
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