Spot Bitcoin ETFs See 8th Day of Inflows, Reaching $202M

Spot Bitcoin exchange-traded funds (ETFs) in the United States have registered their eighth consecutive day of net inflows, accumulating a total of $202.51 million on Monday alone. This trend reflects continued strong investor interest in Bitcoin, even amid recent market fluctuations.

The bulk of Monday’s inflows came from BlackRock’s IBIT fund, which attracted $224.06 million, marking its largest single-day inflow since July 22, according to SoSoValue data. This substantial contribution underscores BlackRock’s dominance in the market compared to other spot Bitcoin ETFs, which showed less activity.

Mixed Results Among Other Bitcoin ETFs

While BlackRock’s fund showed significant inflows, other spot Bitcoin ETFs experienced more modest changes. Franklin Templeton’s EZBC and WisdomTree’s BTCW recorded minor positive inflows, bringing in $5.52 million and $5 million, respectively.

However, some funds did not fare as well. Bitwise’s BITB led the outflows, losing $16.61 million, followed by Fidelity’s FBTC with $8.33 million in outflows, and VanEck’s HODL, which saw $7.18 million move out. Meanwhile, funds like Grayscale’s GBTC reported no significant movements.

Overall, trading volume for spot Bitcoin ETFs on Monday totaled $1.2 billion, a noticeable decline from the $3.12 billion seen last Friday, indicating a return to more typical trading levels. Since their launch in January, these funds have garnered a total of $18.08 billion in net inflows.

Ether ETFs Face Continued Outflows

In contrast to the positive trend for Bitcoin ETFs, U.S. spot Ether ETFs continued to face challenges, experiencing their eighth consecutive day of net outflows. On Monday, $13.23 million was withdrawn from these funds, with Grayscale’s ETHE accounting for $9.52 million of the outflows.

The broader market has mirrored this bearish sentiment, with Bitcoin trading down 1.54% to $63,077 and Ether dropping 2.26% to $2,689 at the time of reporting.

Broader Digital Asset Market Trends

Overall, digital asset investment products saw inflows of $533 million last week, the highest in five weeks. This surge followed Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole Symposium, where he hinted at a potential interest rate cut in September.

Despite slightly lower trading volumes compared to recent weeks, reaching $9 billion, the U.S. led the inflows with $498 million. Hong Kong and Switzerland also saw significant inflows of $16 million and $14 million, respectively, while Germany recorded minor outflows of $9 million.

Bitcoin remained the top choice for investors, drawing $543 million in inflows, particularly following Powell’s comments, which underscored Bitcoin’s sensitivity to interest rate expectations. In contrast, Ethereum faced outflows of $36 million last week, with substantial withdrawals from the Grayscale Ethereum Trust offsetting continued inflows from new issuers.

One month after the launch of ETH ETFs, the new Ethereum ETFs have accumulated $3.1 billion in inflows, partly offset by $2.5 billion in outflows from the Grayscale Trust. Additionally, blockchain equities recorded inflows for the third consecutive week, totaling $4.8 million.