Spot bitcoin exchange-traded funds in the U.S. recorded net inflows of $158.21 million on Thursday after seeing $52 million in net outflows from the day before.
Ark Invest and 21Shares’ ARKB led the pack of inflows yesterday with $81.07 million, according to SoSoValue data. Fidelity’s FBTC followed with $49.88 million in net inflows, and Bitwise’s BITB saw positive flows worth $10.36 million.
On Thursday, Grayscale’s Bitcoin Mini Trust also drew in $9.54 million, while Franklin Templeton’s EZBC saw $7.35 million in inflows. There were no net outflows from the 12 bitcoin ETFs, although seven funds saw zero flows for the day.
On Thursday, the U.S. bitcoin funds had a total daily trade volume of $1.44 billion and accumulated a total net inflow of $17.60 billion since their launch in January.
Spot ether ETFs reported $5.24 million in net inflows yesterday, entirely from BlackRock’s ETHA fund. The other eight funds saw zero flows on Thursday.
The ether funds saw a total daily trade volume of $250.84 million, up from $221.88 million on Wednesday. Since launching in July, U.S. Ethereum ETFs have accumulated negative flows of $610.35 million, SoSoValue data shows.
RELATED INDICES
Bitcoin nears $64,000 after BoJ decision
Bitcoin’s price rose 2.3% in the past 24 hours to $63,550 at the time of writing, according to The Block’s Bitcoin price page. The world’s largest cryptocurrency has been growing in value in recent weeks on the back of positive macroeconomic signals after hitting its most recent low of around $52,800 on Sep. 6.
“BTC is showing a strong short-term upward trend, with the price now testing the 200-day simple moving average (SMA) on the daily chart. Over the past week, it has posted three consecutive green closes, reflecting an 8% rise,” said BTCMarkets’ crypto analyst Rachael Lucas. “This momentum has been supported by key macroeconomic factors, such as the Federal Reserve’s recent 50 basis point rate cut and the Bank of Japan’s decision to keep interest rates at 0.25%.”
Lucas noted that it’s important to highlight that the bitcoin price gain has paralleled that seen in the S&P 500 and Nasdaq, which reflects a wider “risk-on” sentiment across global markets.
“However, for a true bull cycle—characterized by sustained higher highs and higher lows—retail volume would need to increase significantly,” said Lucas. “At this point, retail participation remains subdued, making it uncertain whether this upward momentum can be maintained over the long term.”
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
