In a significant turn of events for the cryptocurrency market, spot Bitcoin ETFs in the United States saw positive inflows after enduring eight consecutive days of outflows. This recovery signals a potential shift in investor sentiment toward Bitcoin, with a total of $28.6 million in net inflows recorded on September 9, following a period that saw $1.18 billion shed from Bitcoin ETFs.
According to data from SoSoValue, this marks the first day of inflows after the extended outflow streak, indicating that some confidence may be returning to Bitcoin ETF investors. Notably, Fidelity’s FBTC led the charge, contributing the entire $28.6 million in inflows, raising its total inflows since inception to $9.45 billion. This move follows a week of negative flows in Fidelity’s ETF.
Meanwhile, other Bitcoin ETFs also saw a modest recovery. Bitwise’s BITB and ARK 21Shares’s ARKB gained $22 million and $6.8 million, respectively. Invesco’s BTCO, which had not seen any trading activity for the previous three days, posted inflows of $3.1 million.
On the other side, Grayscale’s GBTC experienced outflows of $22.8 million, bringing its total outflows to $20 billion since its launch. Similarly, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, also recorded $9.1 million in outflows on the same day, while six other Bitcoin ETFs remained neutral.
Total trading volume for the 12 Bitcoin ETFs dropped to $1.61 billion on September 9, down from $2.39 billion the previous day. Despite the outflows in some funds, Bitcoin ETFs have collectively recorded a net inflow of $16.92 billion since their inception. At the time of writing, Bitcoin was up 4.2% in the last 24 hours, trading at $56,915.
Ether ETFs Face $5.2 Million in Losses
While Bitcoin ETFs saw a positive turn, Ether ETFs did not fare as well. On the same day, Ether ETFs collectively lost $5.2 million, adding to the growing concerns about the current performance of Ethereum-based ETFs. Investors seem to be cautious regarding Ether ETFs, which have experienced more volatility compared to their Bitcoin counterparts.
The Road Ahead for Bitcoin and Ether ETFs
The rebound in spot Bitcoin ETFs offers a glimpse of optimism for investors, especially as institutional interest continues to grow. With major players like Fidelity and ARK Invest seeing inflows, the sentiment surrounding Bitcoin ETFs may shift positively in the coming weeks.
However, the outflows from Grayscale and BlackRock show that not all investors are convinced, and the market remains uncertain. Additionally, the losses in Ether ETFs reflect growing concerns about the Ethereum market, particularly as Ether faces stiff competition from other layer-1 blockchains.
Despite the mixed performance, analysts believe that Bitcoin ETFs may continue to attract inflows as investors search for stability and growth opportunities in a volatile crypto market. With Bitcoin’s price showing signs of recovery, more funds could flow into Bitcoin ETFs in the near future.
Conclusion: A Market in Flux
The recovery in spot Bitcoin ETFs after eight days of outflows suggests a potential change in the market’s direction. Although challenges remain, especially with Ether ETFs recording losses, the cryptocurrency market is showing signs of resilience. Investors will likely be watching closely to see whether Bitcoin ETFs can sustain these inflows and whether Ether ETFs will stabilize in the weeks ahead.
