The United States crypto ETF market saw a significant spike in inflows from institutional investors on September 24. As per Spot On Chain, a well-known on-chain analytics provider, the Ethereum and Bitcoin ETFs have cumulatively added $198.5M in inflows. The analytics platform took to its official X account to provide the details of the ETF inflows.
Spot ETF: $136M to $BTC and $62.5M to $ETH Sep 24, 2024 Notably, the net flows for both BTC and ETH ETFs rebounded sharply with no outflows, primarily driven by strong inflows from #BlackRock.Follow @spotonchain and check out the latest updates about #Bitcoin and… pic.twitter.com/hH0O8GZxTw
— Spot On Chain (@spotonchain) September 25, 2024
Bitcoin ETFs Add $198.5M in Total Inflows While BlackRock Leads with $98.9M
Spot On Chain noted that the Bitcoin ETFs saw $136 in total inflows. BlackRock ($IBIT) particularly drove a huge portion of the respective inflows. The exchange-traded fund reportedly witnessed $98.9M in total inflows. This makes it a dominant platform in the market. This resilient performance indicates a growing confidence among institutional investors concerning these exclusive investment vehicles.
While BlackRock dominated the ETF sector, the rest of the prominent financial institutions additionally witnessed considerable inflows. Bitwise’s Bitcoin ETF ($BITB) obtained inflows of up to $17.4M worth. Additionally, Fidelity’s Bitcoin ETF ($FBTC) effectively added $16.8M. Apart from that, Grayscale Mini ($BTC) received a relatively modest amount of nearly $2.9M in cumulative inflows.
BlackRock Dominates the Ethereum ETF Sector with $59.3M in Cumulative Inflows
On the other hand, the Ethereum exchange-traded funds recorded overall inflows of $62.5 million. BlackRock emerged as the top performer among the $ETH ETFs by adding $59.3 million. Along with that, VanEck’s Ethereum ETF ($ETHV) included $1.9 million. Moreover, Invesco’s ETF ($QETH) saw $1.3M in inflows. Nonetheless, a few famous ETFs such as ARK 21Shares, WisdomTree, and Valkyrie did not see any inflows in the meantime.
The sudden surge in the ETF inflows without any corresponding outflows serves as a positive signal. It indicates that institutional investors are showing great optimism about Ethereum and Bitcoin. Interestingly, the rebound in these investments takes place at a time when there is heightened interest in regulatory crypto products.
BlackRock’s robust inflows express the enthusiasm for regulated and trusted crypto investment products. In general, as crypto assets keep on increasing their share of the financial ecosystem, these ETFs could become a key growth catalyst. They can potentially lead to more adoption among conventional investors while giving rise to market stability and liquidity.
