Cryptocurrencies received more fund inflows as investors traded in Bitcoin & Ethereum ETFs. According to Lookonchain, industry big shots like ARK21Shares and Grayscale saw a massive inflow and proven demand from investors.
Sept 27 Update:10 #Bitcoin ETFsNetFlow: +5,572 $BTC(+$369.85M)#ARK21Shares inflows 1,743 $BTC($115.7M) and currently holds 47,599 $BTC($3.16B).9 #Ethereum ETFsNetFlow: +22,921 $ETH(+$61.66M)#Grayscale Ethereum Mini Trust inflows 10,365 $ETH($27.88M) and currently… pic.twitter.com/I5sjPQoEmy
— Lookonchain (@lookonchain) September 27, 2024
Bitcoin ETFs Experience Large Inflows
Bitcoin ETFs received a netflow of 5,572 BTC, which is roughly $369.85 million. The increase reflects that more people trust Bitcoin and institutional and retail investors seek to invest in the leading cryptocurrency in a safe and regulated manner through ETFs.
ARK21Shares net inflow today, is at 1,743 BTC, which is a sum of around $115.7 million. Today, ARKB holds 47,599 Bitcoins with a value of about $3.16 billion. This upward trend indicates the rise of ARK21Shares and the endless demand for crypto investments through ETFs.
Another large holder includes those of iShares (Blackrock) Bitcoin Trust (IBIT), which has purchased an additional 1,434 BTC, making its overall holdings amount to 363,626 BTC. Another beneficiary was the Fidelity Wise Origin Bitcoin Fund: FBTC purchased an additional 1,136 BTC and, in total, has 178,334 BTC.
There are quite a few other Bitcoin ETFs worth mentioning: Bitwise Bitcoin ETF and Invesco Galaxy Bitcoin ETF saw inflows of 774 BTC and 336 BTC, respectively. Notably, the largest GBTC outflow was 9 BTC, but Grayscale remains the second biggest holder with 220,949 BTC.
Ethereum ETFs Impressive Growth
Ethereum-based ETFs also had a good run with a NetFlow of 22,921 $ETH worth $61.66 million. This increase indicates that Ethereum is gradually becoming one of the long-term investment and portfolio managers.
At the forefront was the Grayscale Ethereum Mini Trust, which purchased 10,365 $ETH, taking its total to 390,385 ETH, which is worth $1.05 billion. The daily flow of this trust was $27.88 million, which makes it among the biggest contributors to the Ethereum ETF for the day.
Another Big gainer was iShares (Blackrock) Ethereum Trust, which accumulated 5,757 ETH in the last 24 hours, making its total $ETH holding to 379,360 $ETH. The seven-day net inflow was also strong, with 31,813 $ETH entering the fund. Other Ethereum ETFs, such as Fidelity Ethereum Fund, added 6,000 $ETH, while the Bitwise Ethereum ETF saw an addition of 359 $ETH.
The Grayscale Ethereum Trust (ETHE) actually had a small outflow of 115 ETH, while it holds the most $ETH of 1,686,892 tokens.
Increasing Demand for Crypto ETFs
Interest in cryptocurrency ETFs, particularly those associated with Bitcoin and Ethereum, more than ever demonstrates that investors embrace cryptocurrencies than before. ETFs are convenient, legal, and non-physical products that allow investors who want to invest in cryptocurrencies but do not want to own or store them physically.
While the overall cryptocurrency market is still shaky when it comes to regulations and fluctuations in price, investors continue to invest in Bitcoin ETFs and Ethereum ETFs. However, the current results of ARK21Shares and Grayscale show that large fund managers continue to play a key role in meeting this demand.
