Bitcoin bulls are on fire as spot Bitcoin ETFs in the U.S. witnessed a massive $365.7 million in inflows on September 26. This marks the largest daily inflow in over two months and coincides with Bitcoin breaking above the critical $65,000 level during late trading.
This surge came after a period of sustained institutional interest, with the U.S. now boasting 11 spot Bitcoin ETFs that have collectively amassed a staggering $18.3 billion in inflows since inception. Notably, the latest inflow streak has extended for six consecutive days.
ARK 21Shares and BlackRock Dominate the Inflow Surge
Leading the pack was the ARK 21Shares Bitcoin ETF, raking in a whopping $113.8 million. Not far behind was BlackRock’s iShares Bitcoin Trust with $93.4 million. BlackRock also made headlines on September 25 with its largest single-day inflow in a month, reaching $184.4 million.
Other key players include Fidelity’s Wise Origin Bitcoin Fund, which saw inflows of $74 million, Bitwise Bitcoin ETF with $50.4 million, and VanEck Bitcoin ETF contributing $22.1 million in fresh capital.
Meanwhile, smaller ETFs like Invesco, Franklin, and Valkyrie also saw positive momentum with inflows of $6.5 million, $5.7 million, and $4.6 million, respectively.
Grayscale Bitcoin Trust Faces Outflows
Interestingly, while most ETFs basked in inflow glory, Grayscale’s Bitcoin Trust (GBTC) experienced a net outflow of $7.7 million, contributing to its ongoing struggles since converting to a spot ETF earlier this year. The total outflows for GBTC now stand at $20.1 billion since January.
ETF Industry Sees Record Inflows
The inflows have caught the attention of market observers. Nate Geraci, President of ETF Store, highlighted the significance of these numbers, stating that only 25 out of 500 ETFs launched in 2024 have managed to attract comparable inflows for the entire year.
On September 25, Bloomberg’s Eric Balchunas noted that Bitcoin spot ETFs are now 92% of the way to holding 1 million Bitcoin and 83% of the way to surpassing Satoshi Nakamoto as the largest holder of Bitcoin.
The Bigger Picture: Bitcoin Price Climbs
Bitcoin’s price has surged nearly 13% over the past two weeks, fueled by the Federal Reserve’s recent interest rate cut. As of now, Bitcoin is trading around $65,368, showing no signs of slowing down.
Ethereum ETFs Lag Behind
While Bitcoin ETFs are enjoying significant inflows, Ethereum ETFs are facing headwinds. On September 26, nine Ethereum-focused funds registered a minor outflow of $100,000, despite inflows of more than $15 million for BlackRock and Fidelity’s Ether funds. Grayscale’s Ethereum Trust remains a major drag, losing $36 million in assets on the same day.
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