The surge in Bitcoin above the critical $65,000 level has fueled a major inflow into U.S. spot Bitcoin exchange-traded funds (ETFs). On September 26, eleven ETFs recorded an aggregate inflow of $365.6 million, according to data by SoSoValue.
This inflow, the biggest since July 22 when $486 million flowed into these funds, highlights the growing interest in institutional investment products tied to Bitcoin. Thursday also marks the sixth consecutive day of inflows into BTC ETFs, reinforcing the trend of heightened demand. As TheCoinRise reported, these funds attracted $105.84 million in inflows on Wednesday.
Individual Contributions
Among the ETFs, the ARK 21Shares’ ARKB led the charge, attracting $113.8 million. Close behind was the BlackRock iShares Bitcoin Trust (IBIT) with $93.4 million in new investments. Notably, BlackRock experienced its largest daily inflow in a month just a day earlier, on September 25, with $184.4 million.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) also saw substantial activity, bringing in $74 million, followed by the Bitwise’ BITB, which recorded an inflow of $50.4 million. The VanEck’s HODL) garnered $22.1 million, while Invesco, Franklin, and Valkyrie ETFs saw more modest gains of $6.5 million, $5.7 million, and $4.6 million, respectively.
However, not all funds benefitted from the recent surge. The Grayscale Bitcoin Trust (GBTC), which converted to a spot ETF earlier this year, saw an outflow of $7.7 million on the same day, bringing its total outflows to $20.12 billion since its conversion.
With this latest wave of capital, the combined inflows for all eleven spot BTC ETFs since their inception now total $18.3 billion.
Nate Geraci, president of ETF Store, noted the scale of this inflow, stating on X, “Out of 500 ETFs launched in 2024, less than 25 have taken this amount in for the entire year.”
Bitcoin Price Rise
The excitement surrounding these ETFs is not only fueled by rising BTC prices but also by the Federal Reserve’s recent interest rate cut, which has provided further optimism for Bitcoin investors. As of writing, BTC was trading around $65,470, reflecting a 1.4% increase in the last 24 hours and a 9% gain in the past month.
Bloomberg ETF analyst Eric Balchunas noted the rapid accumulation of Bitcoin by these funds, stating that spot Bitcoin ETFs are “92% of the way to owning 1 million BTC and 83% of the way to passing Satoshi as the top holder.”
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