Bitcoin ETFs Smash Records with $365M Inflows in Six-Day Win Streak

Spot Bitcoin ETFs in the United States experienced a remarkable surge with a daily net inflow of $365.57 million, representing the highest influx since late July. This positive streak extended for six consecutive days, as per data from Sosolvalue. Thursday's top performer in terms of inflows was the ARKB ETF managed by Ark Invest and 21Shares, which recorded an impressive addition of $113.82 million. Following closely behind, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, saw $93.38 million in net inflows. Other notable contributors to the influx included Fidelity’s FBTC, attracting $74 million, Bitwise’s BITB with $50.38 million, and VanEck’s HODL, which added $22.10 million. While various funds from Valkyrie, Invesco, Franklin Templeton, and Grayscale's Bitcoin Mini Trust also observed modest net inflows, Grayscale's GBTC was the sole ETF reporting a net outflow, losing $7.73 million in assets. Despite this setback, the overall performance of spot Bitcoin ETFs demonstrated strength, reaching a total trade volume of $2.43 billion among the 12 funds—the highest since August 23. Since their inception, spot Bitcoin ETFs have accumulated total cumulative net inflows of $18.31 billion. These substantial inflows align with an optimistic atmosphere across global risk markets. Augustine Fan, Head of Insights at SOFA.org, noted the bullish sentiment as U.S. equities hit new all-time highs, underpinned by rapid stimulus actions to stimulate the Chinese economy. The digital asset landscape also witnessed contrasting fortunes for Ethereum ETFs, which experienced a net outflow of approximately $675,450 on Thursday despite net inflows in six funds. The largest outflow was observed in Grayscale’s ETHE, shedding $36 million. On the positive side, Fidelity’s FETH gathered net inflows of $15.92 million, while BlackRock’s ETHA added $14.85 million. Invesco’s QETH reported a modest net inflow of $2 million, supplemented by inflows under $1 million in each of the Bitwise, VanEck, and 21Shares funds. The nine Ethereum ETFs tallied a total trade volume of $257.40 million on Thursday, more than double the preceding day's $124.18 million. Yet, since their launch in July, these ETFs collectively witnessed net outflows amounting to $581.61 million. In the broader cryptocurrency market landscape, Bitcoin's price climbed 2.9% over the past 24 hours to $65,330.96, marking its highest level since late July. Ether also recorded gains, rising by 1.8% to reach $2,648. According to Fan, the current crypto rally exhibits more "staying power" compared to previous uptrends. Investors appear to have adopted a "buy the dip" approach, backed by a favorable risk-reward equilibrium and the absence of significant negative catalysts. The trends within the ETF landscape for both Bitcoin and Ethereum reflect the dynamism and nuances within the digital asset space, showcasing the interplay between market sentiments, fund inflows, and broader economic conditions. As investors navigate this evolving landscape, staying attuned to these developments is crucial for informed decision-making.