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BlackRock’s iShare bitcoin Trust (IBIT) recorded its first daily net inflow in three weeks, leading U.S. spot bitcoin exchange-traded funds (ETFs) to witness a combined net inflow of $12.8 million. btc/” target=”_blank” rel=”nofollow”>data Farside Investors confirm this.
BlackRock’s bitcoin Spot ETF attracts net inflows, what about other ETFs?
BlackRock forayed into the bitcoin ETF space as the U.S. Securities and Exchange Commission (SEC) approved IBIT in January 2024.
Considered the world’s largest asset manager with total assets under management (AUM) of $9 trillion, BlackRock’s entry into the nascent cryptocurrency ETF ecosystem was met with much enthusiasm by investors as it not only brought a degree of sophistication but also exhibited institutional approval towards the industry.
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Yesterday, the asset manager’s regulated financial product saw $15.8 million in daily net inflows, a first since August 26, 2024. The net inflow of funds into IBIT was strong enough to push the broader U.S. spot bitcoin ETF market into the green, with a combined net inflow of $12.8 million.
The three weeks with no daily net inflows into IBIT consisted of 11 days with zero flows, while two days (August 29 and September 9) saw daily net outflows of $13.5 million and $9.1 million, respectively.
Looking at the performance Among other spot bitcoin ETFs, Grayscale’s GBTC product saw a net daily outflow of $20.8 million. At the same time, Fidelity’s FBTC, Franklin Templeton’s EZBC, and VanEck’s HODL saw a net daily inflow of $5.1 million, $5 million, and $4.9 million, respectively.
According btc-spot” target=”_blank” rel=”nofollow”>data According to cryptocurrency ETF tracker SoSoValue, BlackRock’s IBIT reigns supreme among U.S.-based spot bitcoin ETFs, with an enviable cumulative net inflow of $20.9 billion since the product’s inception earlier this year. It’s followed by FBTC at $10.1 billion, Ark and 21Shares’ ARKB at $2.6 billion, and Bitwise’s BITB at $2.2 billion.
In contrast, GBTC has seen a cumulative net outflow of $20 billion. Analysts attribute GBTC’s performance to date to the exorbitant product fee of 1.5%. For comparison, IBIT has a fee of 0.21%.
ethereum Spot ETFs Continue to Underperform
While bitcoin spot ETFs ended the day with a combined net inflow of $12.8 million, ethereum spot ETFs eth/” target=”_blank” rel=”nofollow”>experienced a combined net outflow of $9.4 million.
Similar to its bitcoin ETF, Grayscale’s ethereum ETF (ETHE) saw a daily net outflow of $13.8 million, followed by Bitwise’s ETHW with a net outflow of $2.1 million. Only Grayscale’s ethereum (eth) mini ETF managed to attract net inflows worth $2.3 million.
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Since their approval in May 2024, ethereum ETFs have not performed as well as bitcoin ETFs in attracting significant inflows.
The tepid performance of ethereum ETFs is reflected in the price of the digital asset as it continues underperform versus bitcoin. ethereum is trading at $2,307 at press time, up slightly by 0.6% over the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com
