Spot Bitcoin exchange-traded funds (ETFs) in the United States recorded a significant daily net inflow of $365.57 million on Thursday, marking the largest influx since late July.
This latest surge extends the positive streak to six consecutive days, according to data from Sosolvalue.
Leading Thursday’s inflows was the ARKB ETF, managed by Ark Invest and 21Shares, which saw a substantial addition of $113.82 million.
BlackRock’s IBIT Also Sees Inflows
BlackRock’s IBIT, the largest spot Bitcoin ETF in terms of net assets, followed closely with $93.38 million in net inflows.
Fidelity’s FBTC also experienced a strong performance, attracting $74 million.
Bitwise’s BITB reported a net inflow of $50.38 million, while VanEck’s HODL added $22.10 million.
Smaller net inflows were observed across other funds from Valkyrie, Invesco, Franklin Templeton, and Grayscale’s Bitcoin Mini Trust.
However, it wasn’t a perfect day for all players. Grayscale’s GBTC was the only ETF to report a net outflow, losing $7.73 million in assets.
Despite this setback, the overall performance of spot bitcoin ETFs was robust, with total trade volume among the 12 funds reaching $2.43 billion—the highest since August 23.
With Thursday’s inflows, the total cumulative net inflows into spot Bitcoin ETFs since their inception have now risen to $18.31 billion.
The impressive inflows come amid a broader bullish sentiment across global risk markets.
“It’s all green lights for global risk markets as U.S. equities hit new all-time highs for the third time this week,” said Augustine Fan, Head of Insights at SOFA.org.
“The rally has been fueled by rapid stimulus measures to revive the struggling Chinese economy, which has led renowned macro observers to turn explicitly bullish on all risk assets in the interim. The synchronized global easing move is reminiscent of the easy-money days of the QE era.”
Chinese markets up another 3-5%.
That’s ~30% higher, in short order (days).
Their stimulus programs aren’t being talked about enough.
It’s already larger than anything since the plandemic and global liquidity is being turbo charged.— Kip Herriage (@KHerriage) September 27, 2024
Ethereum ETFs See Outflows
While Bitcoin ETFs flourished, the performance of spot Ethereum ETFs painted a different picture.
The sector saw a net outflow of around $675,450 on Thursday, despite net inflows across six funds.
Grayscale’s ETHE posted the largest outflow, losing $36 million, according to Sosolvalue data.
On the positive side, Fidelity’s FETH recorded net inflows of $15.92 million, and BlackRock’s ETHA added $14.85 million.
Invesco’s QETH saw a modest net inflow of $2 million, while funds from Bitwise, VanEck, and 21Shares reported inflows of under $1 million each.
The nine Ether ETFs registered a total trade volume of $257.40 million on Thursday, more than doubling Wednesday’s $124.18 million.
However, since their launch in July, they have collectively posted net outflows of $581.61 million.
In the broader cryptocurrency market, Bitcoin’s price climbed 2.9% over the past 24 hours to $65,330.96, its highest level since late July.
Ether also saw gains, rising 1.8% to $2,648.
Fan believes this crypto rally has more “staying power” than previous ones.
“Investor sentiment has shifted to a ‘buy the dip’ mentality, and with no significant downside catalysts in sight, the risk-reward balance seems to favor a continued rally,” he said.
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