BlackRock’s IBIT saw its first net inflow in three weeks, with $15 million in inflows
Date: 2024-09-18 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
BlackRock’s IBIT spot bitcoin ETF saw its first net inflow since August 26, attracting $15.8 million in new investment.
Monday’s inflows broke a three-week lull in which the fund had not seen any positive inflows, according to data from SoSoValue.
The period included 11 trading days with no activity and two days with outflows on August 29 and September 9.
Inflows in other funds
Other major spot bitcoin ETFs also saw inflows on Monday.
Fidelity’s FBTC ETF saw $5.1 million in net inflows, Franklin Templeton’s EZBC ETF saw $5 million, and VanEck’s HODL ETF saw $4.9 million.
Meanwhile, Grayscale’s GBTC ETF, which charges higher fees, saw net outflows of $20.8 million, reversing a brief $6.7 million inflow on Friday.
However, the smaller Grayscale Bitcoin ETF, BTC, saw net inflows of $2.8 million, partially offsetting its losses.
Despite the recent slowdown in inflows, BlackRock’s IBIT continues to lead the spot Bitcoin ETFs in total net inflows.
IBIT has attracted a staggering $20.9 billion since January.
Fidelity’s FBTC is second, attracting $9.6 billion.
Meanwhile, Grayscale’s GBTC fund has seen more than $20 billion in net outflows, reflecting investors’ shift to lower-fee alternatives.
The sector saw total inflows of $12.8 million on Monday, down significantly from the $263.2 million seen on Friday.
Trading volume also fell significantly, from $1.8 billion to $1.1 billion.
While Bitcoin-focused ETFs have seen mixed results, Ethereum-focused ETFs have struggled further.
Ethereum spot ETFs saw net outflows of $9.4 million on Monday, a reversal of the $1.5 million inflows seen on Friday.
BlackRock ETHA saw $4.2 million in inflows, followed by Grayscale's mini ETH ETF with $2.3 million.
However, Grayscale's main ETHE fund saw a net outflow of $13.8 million, while Bitwise's ETHW fund lost $2.1 million.
The ETH ETF market has been more volatile since its launch in July.
ETH spot ETFs saw a total net outflow of $590.8 million, with Grayscale's ETHE fund leading the way, losing $2.7 billion.
Other ETH spot ETFs performed better, attracting a combined $2.1 billion in net inflows.
Cryptocurrency Inflows Resume — $436M
Digital asset investment products have seen a reversal in trend, with $436 million in inflows after a long period of $1.2 billion in outflows.
The reversal is due to changing market expectations, particularly the potential for a 50 basis point interest rate cut on September 18.
Bitcoin products have seen the most inflows — $436 million after 10 days of $1.18 billion in outflows.
By contrast, Bitcoin shorts have seen $8.5 million in outflows after three weeks of inflows.
Bitcoin is currently trading at $58,750, flat over the past 24 hours but down 20% over the past six months.
Despite this, the cryptocurrency has risen by 39% since the beginning of the year, helped by the stabilizing role of ETFs in the market.
