The performance of the spot bitcoin ETF (exchange-traded fund) market in the United States has been impressive in recent weeks. Continuing their excellent streak, cryptocurrency investment products closed the previous trading week with their best single-day performance in nearly four months.
Positive investor sentiment around spot ETFs appears to have also trickled down to bitcoin and the broader crypto market, which has recovered well from an initial price drop in September.
US bitcoin ETFs record nearly $500 million in a single day
On Friday, September 27, the US bitcoin ETF spot market recorded a total net inflow of $494.27 million, the highest value since the $886 million capital inflow on June 4. This was another strong daily performance for cryptocurrency-based products, which recorded over $365 million in net inflows just 24 hours earlier.
According to data from btc-spot” target=”_blank” rel=”noopener nofollow”>SoSoValueArk Invest and 21Shares' ARKB led the day with an inflow of $203 million, while Fidelity's FBTC followed in second place with an inflow of $124 million. In an apparent resurgence, BlackRock's IBIT came in third with a net inflow of more than $110 million.
<img data-recalc-dims="1" decoding="async" class="aligncenter wp-image-326731 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/09/Bitcoin-spot-ETFs-see-biggest-single-day-inflow-since-early-June.png" alt="bitcoin Spot ETF” width=”2670″ height=”956″ srcset=”https://bitcoinist.com/wp-content/uploads/2024/09/Screen-Shot-2024-09-29-at-02.37.30.png?w=2670 2670w, https://bitcoinist.com/wp-content/uploads/2024/09/Screen-Shot-2024-09-29-at-02.37.30.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/09/Screen-Shot-2024-09-29-at-02.37.30.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/09/Screen-Shot-2024-09-29-at-02.37.30.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/09/Screen-Shot-2024-09-29-at-02.37.30.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/09/Screen-Shot-2024-09-29-at-02.37.30.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/09/Screen-Shot-2024-09-29-at-02.37.30.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/09/Screen-Shot-2024-09-29-at-02.37.30.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px”/>
Source: SoSoValue
Meanwhile, Grayscale bitcoin Trust (GBTC) recorded a rare positive day, with $26.15 million flowing into the product. Unsurprisingly, this value represents the fund's largest capital inflow since mid-May, reflecting the level of redemptions it has experienced since the launch of the bitcoin Spot ETFs.
As a result of Friday's performance, total weekly net inflows to btc exchange-traded funds rose to a remarkable $1.11 billion. This $1 billion figure makes it the third consecutive week that US-based spot bitcoin ETFs have recorded a cumulative weekly net inflow.
Spot ethereum ETFs record second positive week in history
The excellent performance of bitcoin Spot ETFs appears to have inspired its ethereum counterpart, as eth funds recorded their second positive trading week since their launch. ethereum ETFs recorded a cumulative net inflow of over $84.51 million last week.
On Friday, total net ethereum spot ETF inflows stood at around $58.6 million. SoSoValue data eth-spot” target=”_blank” rel=”noopener nofollow”>sample which Fidelity's FETH led with a capital inflow of $42.5 million, with BlackRock's ETHA in second place with $11.46 million.
<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true”>
iShares ethereum ETF surpasses $1 billion in assets…
It is now in the top 20% of the 3,700+ ETFs.
This was 2 months ago. pic.twitter.com/iRWaxkjZxl
– Nate Geraci (@NateGeraci) twitter.com/NateGeraci/status/1840036803404800018?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>September 28, 2024
In a post on x, ETF expert Nate Geraci x.com/NateGeraci/status/1840036803404800018″ target=”_blank” rel=”noopener nofollow”>mentioned that the BlackRock ethereum ETF has surpassed the $1 billion mark in terms of assets. While acknowledging that this feat was accomplished in two months, Geraci revealed that ETHA is now in the top 20% of more than 3,700 ETFs in the United States.
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The price of bitcoin fails to hold above the $66,000 mark on the daily timeframe | Source: BTCUSDT chart on x/wZTFRQxO/" target="_blank" rel="noopener nofollow">TradingView
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