Spot Bitcoin ETF inflows tumble, Ether ETFs shed $79.3m

Spot Bitcoin exchange-traded funds in the US experienced a significant drop in net inflows on September 23, while spot Ether ETFs ended a two-day streak of inflows.

According to data from SoSoValue, 12 spot Bitcoin ETFs recorded net inflows of $4.56 million, 95% lower than the $92 million inflow recorded the previous trading day. Fidelity’s FBTC led the way again with $24.9 million inflows after nine days of positive flows and one day of neutral flows seen by the fund.

BlackRock’s IBIT, the largest BTC ETF, ended a four-day streak of no flows as $11.5 million flowed into its fund. The Grayscale Bitcoin Mini Trust pulled in $8.4 million.

Grayscale’s GBTC was the only Bitcoin ETF to report outflows, with $40.3 million exiting the fund for a total of $20.1 billion since launch. The remaining eight BTC ETFs saw no trading activity on the day.

The total trading volume of the 12 BTC ETFs fell to $949.7 million on September 23, down from the $980.5 million seen the previous day. Since launch, these funds have recorded cumulative total net inflows of $17.7 billion.

Over the last seven days, the price of Bitcoin (BTC) has increased by 8.3%, reaching a peak of $64,501. It is currently trading at $63,293, down 0.6% from the last day, with a trading volume of $25.9 billion and a market cap of $1.25 trillion.

Meanwhile, rising investor demand is expected to push Bitcoin prices higher, with Bloomberg analyst Eric Balchunas predicting that major issuers like BlackRock could triple their Bitcoin holdings by the end of next year.

As investors purchase shares in these ETFs, issuers must also purchase an equivalent amount of Bitcoin, increasing demand and further hurting the already limited supply.

Spot Ether ETFs break entry streak

Nine U.S.-based Spot Ethereum ETFs recorded a combined net outflow of $79.3 million, a change from the net positive flows seen the previous day. All net outflows originated from Grayscale’s ETHE, which exited its fund with $80.6 million.

These outflows were partially offset by Bitwise’s ETHW, which recorded $1.3 million in inflows during the day.

Trading volume for these investment vehicles increased on September 23, jumping from $139.4 million the previous day to $167.3 million. Spot Ether ETFs saw a cumulative total net outflow of $686.68 million. At press time, Ethereum (ETH) was changing hands at $2,639.