The market performance of the spot Bitcoin ETFs (exchange traded funds) in the United States have been impressive in recent weeks. The crypto investment products continued their stellar run, ending the previous trading week with their best one-day performance in almost four months.
The positive investor sentiment surrounding spot ETFs also appears to have filtered into the Bitcoin and general crypto market, which has recovered well from an early price decline in September.
US Bitcoin ETFs Book Nearly $500 Million in One Day
On Friday, September 27, the US spot Bitcoin ETF market recorded a total net inflow of $494.27 million, the highest since the capital inflow of $886 million on June 4. This was another strong daily performance from the crypto-based products, which saw over $365 million in net inflows just 24 hours earlier.
According to data from SoSoValue21Shares’ Ark Invest and ARKB led the day with inflows of $203 million, while Fidelity’s FBTC followed in second place with inflows of $124 million. In an apparent revival, IBIT from BlackRock came in third with net inflows of over $110 million.
Source: SoSoValue
Meanwhile, Grayscale Bitcoin Trust (GBTC) posted a rare positive day, with $26.15 million flowing into the product. Unsurprisingly, this figure represents the fund’s highest capital inflow since mid-May, reflecting the level of salvation it has experienced since the launch of Bitcoin ETFs.
As a result of Friday’s performance, total weekly net inflows for BTC’s exchange-traded funds rose to a remarkable $1.11 billion. This billion-dollar showing makes it the third straight week in which US-based spot Bitcoin ETFs have recorded cumulative weekly net inflows.
Spot Ethereum ETFs Record Second Positive Week Ever
The stellar performance of the Spot Bitcoin ETFs appears to have inspired their Ethereum counterpart, as the ETH funds posted their second positive trading week since launch. The Ethereum ETFs recorded cumulative net inflows of over $84.51 million over the past week.
On Friday, total net inflows into spot Ethereum ETFs were approximately $58.6 million. Data from SoSoValue shows that Fidelity’s FETH led with a capital inflow of $42.5 million, while BlackRock’s ETHA was in second place with $11.46 million.
iShares Ethereum ETF Eclipses $1 Billion in Assets…
Now in the top 20% of all 3,700+ ETFs.
This took 2 months. pic.twitter.com/iRWaxkjZxl
— Nate Geraci (@NateGeraci) September 28, 2024
In a post on X, ETF expert Nate Geraci says named that the BlackRock Ethereum ETF has crossed the $1 billion mark in terms of assets. While Geraci acknowledged that this feat was achieved in two months, he revealed that ETHA is now in the top 20% of over 3,700 ETFs in the United States.
The price of Bitcoin fails to hold above the $66,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall.E, chart from TradingView