Spot Bitcoin and Ether ETFs in the U.S. observed a significant increase in net positive flows following several days of outflows. This article reviews the ETF market situation for September 10.
Increase in Spot Bitcoin ETFs
According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded inflows of $116.96 million on September 10, a surge of over four times compared to the $37.29 million inflows logged the previous day.
Summary of Trading Volume
The positive inflows into these ETFs on these two days follow eight consecutive days of outflows, which reduced their total assets under management by more than $1.18 billion. For the first time since July 16, none of the BTC ETFs recorded any outflows. Total daily trading volume for the 12 spot Bitcoin ETFs decreased to $712.25 million on September 10, down 56% from $1.61 billion the previous day. At the time of writing, Bitcoin (BTC) was down 1% over the past day, trading at $56,276.
Net Inflow for Ethereum ETFs
The nine spot Ethereum ETFs logged net inflows of $11.4 million on September 10, marking an end to five consecutive days of net negative flows. Fidelity’s FETH led these inflows, with $7.1 million entering the fund. Additional inflows were recorded by BlackRock’s ETHA with $4.3 million. The remaining seven ETH ETFs saw no flows on the day. These investment vehicles also saw their daily trading volume drop to $102.87 million on September 10. At the time of publication, Ethereum (ETH) was down 0.8%, trading at $2,326. Despite the recent inflows into these ETFs, recent developments suggest a general waning of institutional interest in Ethereum-based products. VanEck recently announced closing its Ethereum Strategy ETF after less than a year, while WisdomTree withdrew its application for a spot Ethereum ETF with the U.S. Securities and Exchange Commission.
Recent data points to significant net inflows into spot Bitcoin and Ether ETFs, despite the overall downward trends in institutional interest in cryptocurrency-based products. Time will tell if these investment vehicles can maintain their appeal among investors.
Comments