The market performance of spot Bitcoin ETFs (exchange-traded funds) in the US has been impressive over the past few weeks. Continuing its excellent streak, cryptocurrency investment products ended the previous trading week with their best single-day performance in almost four months.
The positive investor sentiment surrounding spot ETFs also appears to have exploded in the Bitcoin and general cryptocurrency market, which has recovered well from the early price decline in September.
US Bitcoin ETFs Make Nearly $500 Million in One Day
On Friday, September 27, the US Bitcoin ETF market recorded a total net inflow of $494.27 million, the highest value since a capital inflow of $886 million on June 4. This was another strong daily performance by cryptocurrency-based products, which recorded more than $365 million in net inflows just 24 hours ago.
According to data from SoSoValueArk Invest and ARKB from 21Shares led the day with inflows of $203 million, while FBTC from Fidelity followed in second place with inflows of $124 million. In a clear rebound, BlackRock’s IBIT came in third place with a net inflow of more than $110 million.
Source: SoSoValue
Meanwhile, Grayscale Bitcoin Trust (GBTC) posted a rare positive day, with $26.15 million flowing into the product. Unsurprisingly, this value represents the highest capital inflow to the fund since mid-May, reflecting the level of redemption seen since the launch of the Bitcoin ETFs.
As a result of Friday’s performance, total weekly net flows into exchange-traded funds rose to $1.11 billion. This $1 billion offering makes it the third week in a row that U.S. Bitcoin ETFs have recorded cumulative weekly net inflows.
Spot Ethereum ETFs Record Second Positive Week Ever
The outstanding performance of Spot Bitcoin ETFs appears to have inspired its Ethereum counterpart, with ETH funds recording their second positive trading week since their launch. Ethereum ETFs recorded a cumulative net inflow of over $84.51 million last week.
On Friday, the total net inflow of Ethereum ETFs was approximately $58.6 million. Data from SoSoValue He appears Fidelity’s FETH topped the capital flow with $42.5 million, and BlackRock’s ETHA came in second with $11.46 million.
iShares Ethereum ETF surpasses $1 billion in assets…
Now in the top 20% of 3,700+ ETFs.
Is this two months? pic.twitter.com/iRWaxkjZxl
– Nate Geraci (@NateGeraci) September 28, 2024
In a post on X, ETF expert Nate Geraci Mentioned The BlackRock Ethereum ETF has crossed the $1 billion mark in terms of assets. While acknowledging that this feat was achieved within two months, Geraci revealed that ETHA is now in the top 20% of more than 3,700 ETFs in the US.
The price of Bitcoin fails to hold above the $66,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall.E, chart from TradingView