U.S. spot Bitcoin BTC
+1.99%
exchange-traded funds registered net inflows of $186.8 million on Tuesday, extending their positive streak to four days, totaling more than half a billion dollars.
BlackRock’s IBIT ETF generated positive flows for the first time in three weeks on Monday but returned to zero flows yesterday as Fidelity’s FBTC dominated the net inflows, bringing in $56.6 million, according to data from CoinGlass.
Bitwise’s BITB and Ark Invest’s ARKB were second and third for the day, attracting $45.4 million and $42.2 million in net inflows, respectively. VanEck’s HODL generated $20.5 million in positive flows, while Invesco’s BTCO brought in $10.2 million, Franklin Templeton’s EZBC $8.7 million and WisdomTree’s BTCW $3.2 million, in a diverse spread of flows across the funds.
There were no net outflows from any of the U.S. spot Bitcoin ETFs on Tuesday, with the remaining funds, including Grayscale’s higher-fee GBTC, witnessing zero flows for the day.
From Aug. 27 to Sept. 6, the spot Bitcoin ETFs had a record run of consecutive daily net outflows, totaling nearly $1.2 billion. However, they have produced $603.5 million worth of positive flows since and have generated nearly $17.5 billion in total net inflows since trading began in January, according to data compiled by The Block.
Trading volume for the spot Bitcoin ETFs also rose to $2.3 billion on Tuesday from $1.1 billion on Monday.
“Looks like ‘degen retail’ put another ~$200 million into spot Bitcoin ETFs on random Tuesday… 8 months after launch,” The ETF Store President Nate Geraci posted on X. “Fidelity Bitcoin ETF now > $10 billion AUM. iShares [BlackRock] Bitcoin ETF > $21 billion. Spot bitcoin ETFs = top 4 ETF launches of 2024. And most wirehouses still haven’t approved them.”
Bitcoin steady ahead of key FOMC decision
Bitcoin is currently trading for $60,203, according to The Block’s Bitcoin Price Page, up 2.5% over the past 24 hours and holding the $60,000 mark it broke back above after a strong trading session on Tuesday.
BTC/USD price chart. Image: The Block/TradingView.
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Eyes now turn toward the key Federal Open Market Committee meeting on Wednesday, with the U.S. Federal Reserve's highly-anticipated interest rate decision expected at 2 p.m. ET. According to the CME FedWatch tool, traders estimate the likelihood of a 50 basis-point cut at 63%, compared to a 37% probability for a 25 basis-point cut.
However, the recent uptrend for bitcoin formed over the last 11 days after recovering from a dip below $53,000, driven by optimism over the rate cut, may have already priced it in, setting the stage for a potential "sell the news" event, according to BRN analyst Valentin Fournier.
“We foresee volatility increasing post-announcement, which could drive bitcoin down to the $54,000 range, presenting a prime buying opportunity. Until then, we recommend maintaining a cautious stance,” Fournier told The Block.
Spot Ethereum ETFs register net daily outflows
Meanwhile, spot Ethereum ETH
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ETFs net outflows of $15.1 million on Tuesday, adding to the $9.4 million that exited the funds on Monday.
Grayscale’s spot Ethereum ETFs generated the only flows for the day, with $17.9 million in net outflows from its higher-fee, converted ETHE fund partially offset by $2.8 million worth of net inflows into its mini ETF product, ETH, per CoinGlass data.
Contrasting Bitcoin fund flows, spot Ethereum ETFs have generated $605.9 million worth of total net outflows since they began trading in July.
Trading volume for the spot Ethereum ETFs was up to $176 million on Tuesday from $128 million the day before, according to The Block’s data dashboard.
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