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BlackRock’s iShare Bitcoin Trust (IBIT) recorded its first daily net inflow in three weeks, leading U.S. exchange-traded funds (ETFs) to see a combined net inflow of $12.8 million, Data From Farside Investors confirms this.
BlackRock’s Bitcoin ETF Attracts Net Inflows, What About Other ETFs?
BlackRock entered the Bitcoin ETF space when the SEC banned them. consent IBIT in January 2024.
The entry of BlackRock, known as the world’s largest asset manager with $9 trillion in total assets under management (AUM), into the emerging crypto ETF ecosystem has been greeted with great enthusiasm by investors, as it not only brings a degree of sophistication but also demonstrates institutional approval for the industry.
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Yesterday, the asset manager’s structured financial product attracted $15.8 million in daily net inflows, the first since August 26, 2024. The net inflow of funds into IBIT was strong enough to push the broader U.S. ETF market into the green, with a total net inflow of $12.8 million.
The three weeks without net daily inflows to the IIF in India consisted of 11 days with no inflows, while two days – August 29 and September 9 – saw net daily outflows of $13.5 million and $9.1 million, respectively.
Looking at performance Among other spot bitcoin ETFs, Grayscale’s GBTC saw a daily net outflow of $20.8 million. Meanwhile, Fidelity’s FBTC, Franklin Templeton’s EZBC, and VanEck’s HODL saw daily net inflows of $5.1 million, $5 million, and $4.9 million, respectively.
according to Data According to crypto ETF tracker SoSoValue, BlackRock’s IBIT fund is the top spot Bitcoin ETF in the U.S., with an enviable cumulative net inflow of $20.9 billion since the product launched earlier this year. It is followed by FBTC at $10.1 billion, Ark and 21Shares’ ARKB at $2.6 billion, and Bitwise’s BITB at $2.2 billion.
In contrast, GBTC has seen cumulative net inflows of $20 billion. Analysts blame the product’s hefty 1.5% fee as a major reason for GBTC’s underperformance so far. For comparison, IBIT’s fee is 0.21%.
Ethereum ETFs Continue to Underperform
While spot Bitcoin ETFs ended the day with combined net inflows of $12.8 million, spot Ethereum ETFs Experienced The net consolidated outflow was $9.4 million.
Similar to its Bitcoin ETF, Grayscale’s Ethereum ETF (ETHE) saw a daily net outflow of $13.8 million, followed by Bitwise’s ETHW fund with a net outflow of $2.1 million. Only Grayscale’s mini Ethereum ETF managed to attract net inflows of $2.3 million.
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Since their approval in May 2024, Ethereum ETFs have not performed as well as Bitcoin ETFs when it comes to attracting significant inflows.
The poor performance of Ethereum ETFs is reflected in the price of the digital asset as it continues to rise. substandard performance Against Bitcoin. Ethereum is trading at $2,307 at the time of writing, up slightly by 0.6% over the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com
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