crypto Market Updates: Spot bitcoin ETFs Record Eighth Consecutive Day of Inflows
Spot bitcoin exchange-traded funds (ETFs) in the United States have registered their eighth consecutive day of positive net inflows. On Monday alone, these funds accumulated a total of $202.51 million in inflows, indicating continued investor interest in bitcoin despite recent market fluctuations.
The most significant contribution came from BlackRock’s IBIT fund, which attracted $224.06 million—the fund’s largest single-day inflow since July 22, according to data from SoSoValue.
Other Funds Remain Stagnant
Meanwhile, other spot bitcoin ETFs have shown relatively muted activity compared to BlackRock. Franklin Templeton’s EZBC and WisdomTree’s BTCW saw minor positive flows, bringing in $5.52 million and $5 million, respectively. However, not all funds experienced gains.
Bitwise’s BITB led the outflows, losing $16.61 million, followed by Fidelity’s FBTC, which saw $8.33 million move out of the fund. VanEck’s HODL wasn’t immune either, with $7.18 million in outflows. The remaining funds, including Grayscale’s GBTC, reported no significant movement.
Trading volume for spot bitcoin ETFs on Monday was $1.2 billion, a sharp decline from the $3.12 billion recorded last Friday, indicating a return to more typical trading levels. Since their inception in January, these funds have accumulated a total of $18.08 billion in net inflows.
In contrast, U.S. spot Ether ETFs continue to face challenges, marking their eighth consecutive day of net outflows.
Monday saw $13.23 million withdrawn, led by Grayscale’s ETHE, which lost $9.52 million. The overall market reflected 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.
crypto Investment Products See Inflows
Last week, digital asset investment products experienced inflows totaling $533 million, the largest in five weeks. The increase followed remarks by Jerome Powell at the Jackson Hole Symposium, where he hinted that the first interest rate cut could happen in September.
Although trading volumes were slightly lower compared to recent weeks, they still reached a substantial $9 billion for the week. The United States led with $498 million in inflows, while Hong Kong and Switzerland also recorded significant inflows of $16 million and $14 million, respectively.
Germany saw minor outflows amounting to $9 million, making it one of the few countries with net outflows year-to-date. bitcoin attracted the most attention, with $543 million in inflows, primarily on Friday after Powell’s dovish comments, highlighting bitcoin’s sensitivity to interest rate expectations.
In contrast, ethereum saw outflows of $36 million last week, despite continued inflows from new issuers, with the Grayscale ethereum Trust offsetting this with $118 million in outflows. A month after the ETH ETF launches, the new ethereum ETFs have accumulated $3.1 billion in inflows, partially offset by $2.5 billion in outflows from the Grayscale Trust.
Blockchain equities recorded inflows for the third consecutive week, totaling $4.8 million.
