Étienne Girard
U.S. spot bitcoin exchange-traded funds (ETFs) reported net inflows of $470.48 million on Thursday, continuing the positive trend seen throughout the week. The total net inflows for the 12 bitcoin ETFs have reached over $1.85 billion so far this week.
Rachael Lucas, a crypto analyst at BTC Markets, attributed the surge in inflows to favorable macroeconomic conditions, noting, “Central banks globally are reducing interest rates, driving investors towards alternative assets.”
The largest contributor to Thursday’s inflows was BlackRock’s IBIT, the biggest spot bitcoin ETF by net assets, which saw $309 million in inflows, according to data from SoSoValue. This brings IBIT’s total net inflows for the week to over $1.07 billion, marking its strongest week since mid-March.
Other notable spot ETFs also saw significant inflows, with Ark and 21Shares’ ARKB reporting over $100 million, Grayscale’s GBTC seeing $45.70 million, and Fidelity’s FBTC adding $11.69 million. Franklin Templeton’s bitcoin ETF reported $3.88 million in inflows on Thursday, while the remaining seven ETFs recorded no flows.
The total trading volume for the 12 bitcoin ETFs reached $1.47 billion on Thursday, a slight drop from $1.58 billion the previous day. Cumulatively, since their January launch, these funds have accumulated $20.66 billion in net inflows.
On Wednesday, the funds surpassed the $20 billion milestone, a challenging benchmark in the ETF industry. Bloomberg’s senior ETF analyst Eric Balchunas noted that it took gold ETFs nearly five years to reach a similar figure.
Ether ETFs Also See Positive Flows
Spot ether ETFs saw strong inflows as well, with a total of $48.41 million on Thursday, marking the largest daily inflows since September 27.
Fidelity’s FETH led the charge with $31.12 million in inflows, followed by BlackRock’s ETHA with $23.56 million. Other ether-focused ETFs, such as Grayscale’s mini trust, Bitwise’s ETHW, Invesco’s QETH, and 21Shares’ CETH, also reported positive daily net inflows.
However, Grayscale’s ETHE was the only ether fund to experience net outflows, losing $15.74 million on Thursday.
The total trading volume for U.S. spot ether ETFs reached $126.7 million on Thursday. Despite recent positive trends, the cumulative net outflows for these funds remain at $481.90 million since their launch, improving from the negative $686.68 million reported on September 23.
Meanwhile, bitcoin gained 1.06% over the past 24 hours, trading at $67,930, while ether saw a slight increase of 0.12%, trading at $2,635, according to PRIME’s crypto price data.
Augustine Fan, head of insights at SOFA.org, commented on the recent inflows, stating, “A strong BTC inflow might signal positive movement as we approach the final weeks of the election campaign, but investors should be patient before expecting new all-time highs anytime soon.”
