BlackRock’s IBIT spot Bitcoin BTC
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exchange-traded fund witnessed its first daily net inflows since Aug. 26 yesterday, totaling $15.8 million.
In its longest daily run without positive flows since the spot Bitcoin ETFs began trading in January, the three-week streak had produced 11 trading days of zero flows and two days of net outflows on Aug. 29 and Sept. 9 before Monday’s net inflows.
According to CoinGlass data, Fidelity’s FBTC, Franklin Templeton’s EZBC and VanEck’s HODL also witnessed net inflows of $5.1 million, $5 million and $4.9 million, respectively, on Monday.
Grayscale’s higher-fee, converted spot Bitcoin ETF, GBTC, returned to net outflows of $20.8 million following rare net inflows of $6.7 million on Friday. This was partially offset by $2.8 million worth of net inflows into its mini product, BTC.
Despite the recent inflow drought, BlackRock’s IBIT still dominates spot Bitcoin ETF flows, generating $20.9 billion in net inflows since January. Fidelity’s FBTC is second with $9.6 billion in net inflows, while Grayscale’s GBTC has seen over $20 billion in net outflows. The spot Bitcoin ETFs have generated a total net inflow of $17.3 billion combined, according to data compiled by The Block.
Monday’s $12.8 million in net inflows was significantly lower than the $263.2 million generated on Friday, however. Trading volume also fell to $1.1 billion from $1.8 billion, according to The Block’s data dashboard.
Spot Ethereum ETFs return to net daily outflows
Meanwhile, spot Ethereum ETH
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ETFs returned to total net outflows of $9.4 million on Monday, following $1.5 million worth of net inflows on Friday.
BlackRock’s product again led the net inflows, with ETHA adding $4.2 million. Grayscale's mini Ethereum ETF was the only other fund to attract net inflows, bringing in $2.3 million. Meanwhile, Grayscale's main ETHE converted fund generated net outflows of $13.8 million, and Bitwise’s ETHW also saw $2.1 million exit the fund, per CoinGlass data.
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In contrast to the Bitcoin funds, spot Ethereum ETFs have generated $590.8 million worth of total net outflows since they began trading in July, dominated by $2.7 billion in net outflows from Grayscale’s converted ETHE product. All other spot Ethereum ETFs have generated net inflows of $2.1 billion combined.
According to The Block's data dashboard, trading volume for the spot Ethereum ETFs also fell on Monday, down to $128 million from $149 million on Friday.
Spot Bitcoin ETFs backing
Responding to recent conspiracy theories surrounding the backing of the spot Bitcoin ETFs, BlackRock’s in particular, and their dominant custodian, Coinbase, Bloomberg ETF analyst Eric Balchunas suggested that Bitcoiners were looking for a “scapegoat” to blame for recent selling pressure.
“[BlackRock] would flip out if [Coinbase] was screwing around with their bitcoin, plus it would violate the '33 Act,” Balchunas said on Monday. “People who invest in bitcoin are generally skeptical of government and institutions (which I get), [but] the same thing happened with gold bugs and GLD, which they called ‘paper gold,’ and said the vault was empty. It wasn't true. This is like deja vu all over again.”
Bitcoin is currently trading for $58,750, according to The Block's Bitcoin Price Page. The foremost cryptocurrency has traded flat over the past 24 hours and is down around 20% over the past six months but remains 39% up year-to-date.
“I get why these theories exist and people want to scapegoat the ETFs because it is too unthinkable that the native HODLers could be the sellers. But they are. The call is coming from inside the house,” Balchunas added. “All the ETFs and BlackRock have done is save bitcoin’s price from the abyss repeatedly.”
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