Originally published on: September 29, 2024
Bitcoin exchange-traded funds (ETFs) in the United States have experienced a significant surge in inflows, totaling more than $1.1 billion since September 23. This marks the largest week of inflows since mid-July.
According to Farside Investors, the most notable day for these inflows was on September 27, with a staggering $494.4 million, which is the highest single-day performance since June 4. Additionally, on September 26, these ETFs received inflows of $366 million.
Leading the pack in terms of weekly flows were BlackRock’s iShares Bitcoin Trust, the ARK 21Shares Bitcoin ETF, and the Fidelity® Wise Origin® Bitcoin Fund, with $499 million, $289.5 million, and $206.1 million respectively.
Other ETFs like Invesco and Galaxy, Franklin Templeton, Valkyrie, and VanEck Bitcoin funds also saw a range of inflows between $5.7 million and $33.3 million. However, the WisdomTree Bitcoin Fund did not record any inflows during this period.
These latest inflows bring the total aggregate inflows for the 11 spot ETFs combined to $18.8 billion since their launch in January.
The increase in Bitcoin ETF flows coincides with the recent interest rate cut by the US Federal Reserve on September 18.
Following this development, Bitcoin has surged by 13.8% to reach $65,800, according to CoinGecko data. The cryptocurrency is now just 10.8% away from its all-time high price of $73,738, which was set on March 14.
As the fourth quarter approaches, historical data shows that Bitcoin has recorded gains of 50% or more in Q4 in five out of the last nine years, as per CoinGlass data.
In a related note, US spot Ether ETFs saw $85 million in inflows this week, marking the highest weekly inflows since August 5–9.
Since their launch on July 23, these Ethereum products have accumulated inflows of just over $1.1 billion, not factoring in the $2.9 billion in outflows from the Grayscale Ethereum Trust.
With the crypto market showing positive signs and ETF inflows on the rise, the future looks promising for both Bitcoin and Ether investments.
