WEB3
by Soumen Datta
September 26, 2024
Bitcoin ETFs have shown robust performance with five consecutive days of inflows, highlighted by BlackRock’s iShares Bitcoin Trust attracting $184 million.
U.S.-listed exchange-traded funds (ETFs) focusing on Bitcoin and Ethereum have seen impressive inflows, collectively bringing in approximately $350 million on Sept 24. and Sept. 25.
The most notable developments have come from Bitcoin ETFs, which have notched five consecutive days of positive performance, according to SoSovalue data.
On September 24, Bitcoin ETFs netted approximately $135.95 million in inflows, marking the fourth day of their renewed inflow streak.
BlackRock’s iShares Bitcoin Trust (IBIT): Secured a significant $98.89 million, marking its third day of inflows after an unusually quiet month.
Bitwise Bitcoin ETF (BITB): Added around $17.41 million.
Fidelity’s Wise Origin Bitcoin Fund (FBTC): Saw net inflows of $16.8 million.
Grayscale Bitcoin Mini Trust: Recorded $2.85 million in net inflows.
The Grayscale Bitcoin Trust (GBTC) experienced neutral flows, which contributed to the overall positive trend for the day.
On September 25, U.S.-listed Bitcoin ETFs continued their positive trajectory, taking in approximately $106 million in inflows.
BlackRock’s iShares Bitcoin Trust (IBIT): Led the way with around $184 million in net inflows.
Bitwise’s Bitcoin ETF (BITB): Contributed around $2 million.
Fidelity’s Bitcoin Fund (FBTC) and ARK Invest/21Shares’s Bitcoin ETF (ARKB) faced outflows of approximately $33 million and $47 million, respectively.
Ethereum ETFs have also participated in this positive trend, recording a notable $105 million in inflows recently.
On September 24, Ethereum ETFs posted their largest day of inflows since August 6, securing a hefty $62.51 million in net inflows.
BlackRock’s iShares Ethereum Trust (ETHA): Registered a robust $59.25 million in new capital, marking its largest inflow day since early August.
VanEck Ethereum Trust (ETHV): Experienced a rare inflow with $1.94 million, while the Invesco Galaxy Ethereum ETF (QETH) saw $1.32 million added.
On September 25, Ethereum spot ETFs recorded additional $43.23 million inflows, with BlackRock and Grayscale registering $9.38 million and $26.63 million in inflows, respectively. However, total outflows from Ether ETFs still stand at $580.94 million.
Analysts suggest that sustained inflows into Bitcoin ETFs may provide a cushion for BTC prices, even amid declining spot buyer demand, CoinTelegraph reported. As noted by Bitfinex analysts, “Sustained ETF inflows could buoy the BTC price,” suggesting that this trend may counteract predictions of short-term price consolidation.
Currently, Bitcoin is trading at approximately $64,414, marking a 3.24% increase since September 19, according to CoinMarketCap. Historically, September has been a challenging month for Bitcoin, averaging a loss of 4.49% over the last 11 years.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
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