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

Spot Bitcoin exchange-traded funds in the U.S. experienced a significant drop in net inflows on Sept. 23, while spot Ether ETFs ended their two-day inflow streak.

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

BlackRock’s IBIT, the largest BTC ETF, followed with $11.5 million flowing into its fund, ending its no-flow streak of 4 days. Grayscale Bitcoin Mini Trust drew in $8.4 million.

Grayscale’s GBTC was the sole spot Bitcoin ETF to report outflows, with $40.3 million leaving the fund, culminating in total outflows of $20.1 billion since its launch. The remaining eight BTC ETFs witnessed no trading activity on the day.

Total trading volume for the 12 BTC ETFs dropped to $949.7 million on Sept. 23, lower than the $980.5 million seen the previous day. Since launch, these funds have recorded a cumulative total net inflow of $17.7 billion. 

Over the past seven days, Bitcoin’s (BTC) price surged by 8.3%, reaching a peak of $64,501. Currently, it is priced at $63,293, down 0.6% over the last day, with a trading volume of $25.9 billion and a market capitalization of $1.25 trillion.

Meanwhile, growing investor demand is expected to push Bitcoin prices higher. Bloomberg analyst Eric Balchunas speculated that leading issuers like BlackRock could potentially triple their Bitcoin holdings by the end of next year. 

As investors buy shares in these ETFs, issuers are required to purchase an equivalent amount of Bitcoin, driving up demand and further impacting the already limited supply.

Spot Ether ETFs break inflow streak

The nine U.S.-based Spot Ethereum ETFs recorded net outflows totaling $79.3 million, a flip from the net positive flows seen the previous day. The entire net outflows originated from Grayscale’s ETHE, with $80.6 million flowing out of its fund.

These outflows were partially offset by Bitwise’s ETHW, which logged inflows of $1.3 million on the day.

The trading volume for these investment vehicles had seen a rise, jumping to $167.3 million on Sept. 23 from $139.4 million seen the previous day. The spot Ether ETFs have experienced a cumulative total net outflow of $686.68 million. At the time of publication, Ethereum (ETH) was exchanging hands at $2,639.