US spot Bitcoin ETFs continue net inflow streak, reaching $365 million on sixth day

Spot bitcoin exchange-traded funds in the US recorded total daily net inflows of $365.57 million on Thursday, the largest since late July. Thursday’s inflows extended the positive run to its sixth consecutive day, according to Sosolvalue data.

Yesterday’s net inflows were led by Ark Invest and 21Shares’ ARKB, which recorded positive flows of $113.82 million, according to SoSoValue data. BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, followed with $93.38 million net inflows, while Fidelity’s FBTC also saw $74 million worth of inflows.

Bitwise’s BITB reported $50.38 million in net inflows, VanEck’s HODL had $22.10 million flow into the fund, and smaller net inflows were seen across funds from Valkyrie, Invesco, Franklin Templeton, and Grayscale’s Bitcoin Mini Trust.

Yesterday’s only net outflow was from Grayscale’s GBTC, which saw $7.73 million move out of its ETF.

Thursday’s total trade volume among the 12 funds was $2.43 billion, the largest since Aug. 23. With yesterday’s inflows, the total cumulative net inflows in spot bitcoin ETFs since launch rose to $18.31 billion.

“It’s all the green light for global risk markets as US equities hit new all-time highs for the 3rd time this week, helped by a rapid-fire of furious stimulus to resuscitate the long-struggling Chinese economy,” said Augustine Fan, Head of Insights at SOFA org.
“This has led renowned macro observers to turn explicitly bullish on all risk assets in the interim, with a seemingly globally synchronized easing move that was reminiscent of the easy-money days from the QE era.”

Ether ETFs back to outflows
Spot Ethereum ETFs, worth around $675,450, moved back to net outflows yesterday despite seeing net inflows across six funds.

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Grayscale’s ETHE posted daily net outflows of $36 million, according to data from SoSoValue. Among net inflows, Fidelity’s FETH had $15.92 million, and BlackRock’s ETHA saw $14.85 million. Invesco’s QETH reported net inflows of $2 million, while funds from Bitwise, VanEck, and 21Shares saw net inflows of under $1 million.

On Thursday, the nine ether ETFs had a total trade volume of $257.40 million, more than double Wednesday’s $124.18 million. Since their debut in July, the funds have posted total net outflows of $581.61 million.

The price of Bitcoin rose 2.9% in the past 24 hours to $65,330.96, its highest point since the end of July. According to The Block’s price page, ether rose 1.8% to $2,648 at the time of writing.

SOFA org’s Fan said the current crypto rally appears to have more “staying power” than earlier ones. “Investor sentiment seems to have flipped to a ‘buy the dip’ mode, and risk-reward favors a continued rally with no or little downside catalysts in sight at the moment,” Fan said.