Bitcoin and Ethereum ETF Flows Fluctuate in Late September

TLDR

• Bitcoin ETFs saw $494.4 million inflow on Friday, led by Ark’s ARKB ETF
• Monday saw cooler activity with $61.3 million net inflows for Bitcoin ETFs
• Ethereum ETFs had $58.7 million inflows on Sept. 27, led by Fidelity’s FETH ETF
• On Sept. 30, Ethereum ETFs faced minor outflows of $0.8 million
• Institutional interest remains strong for Bitcoin ETFs, mixed for Ethereum ETFs

Bitcoin and Ethereum exchange-traded funds (ETFs) experienced varied inflows and outflows in the final days of September 2024, reflecting shifting institutional interest in cryptocurrency-backed investment products.

On Friday, Bitcoin ETFs recorded a significant inflow of $494.4 million, marking one of the highest single-day totals in recent months.

Ark’s ARKB ETF led the charge with a substantial $203.1 million in new capital. This continued the strong momentum seen earlier in the week when ARKB had also experienced a significant inflow on September 26.

Other major players in the Bitcoin ETF space also saw notable inflows on Friday. Fidelity’s FBTC ETF attracted $123.6 million, while BlackRock’s IBIT ETF brought in $110.8 million.

Bitwise’s BITB added $12.9 million, and Grayscale’s GBTC posted $26.2 million in new flows. Smaller inflows were recorded for Invesco’s BTCO, Valkyrie’s BRRR, and VanEck’s HODL, each reporting around $3.3 million. VanEck’s HODL saw an additional $11.2 million in inflows.

However, the momentum slowed on Monday, with Bitcoin ETFs seeing more modest net inflows of $61.3 million. BlackRock’s IBIT ETF continued to attract capital with $72.2 million in inflows, but this was partly offset by outflows from other funds.

Bitwise’s BITB and Ark’s ARKB ETFs saw withdrawals of $9.7 million and $9.5 million, respectively. Fidelity’s FBTC ETF also experienced a slowdown, adding only $8.3 million.

The Ethereum ETF market followed a similar pattern of mixed performance. On September 27, total inflows reached $58.7 million, with Fidelity’s FETH ETF leading the pack at $42.5 million.

BlackRock’s ETHA brought in $11.5 million, while Bitwise’s ETHW and Invesco’s QETH added $5.4 million and $4.3 million, respectively.

However, Grayscale’s ETHE ETF posted outflows of $10.7 million, which were partially offset by $2.3 million in inflows to Grayscale’s mini ETH fund.

The situation for Ethereum ETFs changed on September 30, with minor overall outflows totaling $0.8 million. This was primarily driven by $11.8 million in outflows from Grayscale’s ETHE fund. BlackRock’s ETHA ETF added a modest $11 million, helping to balance the outflows.

Other Ethereum ETFs reported no significant activity, suggesting a quiet start to the week for institutional interest in Ethereum-backed products.

The substantial inflows into Bitcoin ETFs on Friday highlighted continued institutional confidence in the leading cryptocurrency.

Ark and Fidelity’s products were particularly popular among investors. The cooler market reaction on Monday could indicate short-term profit-taking or reallocation as investors positioned themselves for the new week.

For Ethereum ETFs, the picture was more mixed. Despite strong inflows on September 27, the market saw outflows by the end of the month.

Grayscale’s ETHE fund continued to experience withdrawals, which weighed on the overall market sentiment for Ethereum-backed funds.

These fluctuations in ETF flows provide insight into institutional investors’ short-term sentiment towards Bitcoin and Ethereum.

The stronger performance of Bitcoin ETFs suggests that institutions may currently view Bitcoin as a more attractive investment compared to Ethereum. However, it’s important to note that short-term flows can be influenced by various factors and may not necessarily indicate long-term trends.

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