US spot bitcoin ETFs (exchange-traded funds) closed last week with their best daily performance in nearly two months. This remarkable feat signaled a shift in investor sentiment as crypto products have been experiencing significant capital outflows in recent weeks.
Investors are returning to bitcoin ETFs after two weeks of outflows
On Friday, September 13, the U.S. bitcoin ETF spot market saw a net inflow of $263.1 million, the highest since the single-day inflow of $485.9 million on July 22. Interestingly, BlackRock’s IBIT, the largest btc ETF by assets under management, saw zero net inflows on the day.
The trillion-dollar asset management fund has not been the best performer in recent weeks, seeing no net trading activity on most days. Fidelity’s FBTC led on Friday with $102.1 million in inflows, while Ark & 21Shares’ ARKB followed with a single-day inflow of $99.3 million.
Additionally, Bitwise’s BITB ranked third on the day, with an inflow of over $43 million. Notably, outflows from Grayscale’s ETF appear to be slowing down, as the GBTC product saw an inflow of $6.66 million on Friday.
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Fountain: SoSoValue
Altogether, this brought the total weekly net inflows for bitcoin ETFs to an impressive $403.8 million, according to data from SoSoValue. This latest week of capital inflows for US-based bitcoin ETFs stands in contrast to the previous two weeks, which saw a cumulative outflow of $983.31 million from cryptocurrency funds.
The timing of the latest btc ETF inflows is even more interesting considering that the bitcoin price has broken above the $60,000 level again. At the time of writing, the bitcoin price is still hovering around the $60,000 mark, with little movement over the past day.
ethereum funds continue to lag behind bitcoin ETFs
ethereum spot exchange-traded funds have failed to live up to their early hype and have struggled to make the same impact as their bitcoin counterparts. On Friday, US-based eth funds closed with a total daily net inflow of $1.52 million.
Notably, Grayscale’s ETHE saw an outflow of over $7.3 million on Friday. Meanwhile, Bitwise and BlackRock’s ethereum ETFs saw an inflow of $5.2 million and $3.67 million, respectively.
However, this daily inflow of capital was not enough to turn the week into a positive one for ethereum funds. According to eth-spot” target=”_blank” rel=”noopener nofollow”>SoSoValue DataThe ethereum ETF market saw a total net outflow of nearly $13 million in the past week.
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The price of bitcoin thickens around the $60,000 mark on the daily timeframe | Source: BTCUSDT chart on x/Kkq2ZM2H/" target="_blank" rel="noopener nofollow">TradingView
Featured image from iStock, chart from TradingView
