Spot Bitcoin exchange-traded funds in the US saw a significant drop in net inflows on September 23, while Spot Ether ETFs ended their two-day inflow streak.
According to data from SoSoValue, the 12 Bitcoin spot ETFs saw net inflows of $4.56 million, down 95% from the $92 million seen the previous trading day. Fidelity’s FBTC again led the pack with $24.9 million in inflows after 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 injected into its fund, ending its 4-day streak of no flows. Grayscale Bitcoin Mini Trust attracted $8.4 million.
Grayscale’s GBTC was the only 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 saw no trading activity during the day.
Total trading volume for the 12 BTC ETFs fell to $949.7 million on September 23, down from $980.5 million the previous day. Since their launch, the funds have seen a cumulative total net inflow of $17.7 billion.
Over the past seven days, the price of Bitcoin (BTC) has increased by 8.3%, reaching a peak of $64,501. Currently, its price is $63,293, down 0.6% from the last day, with a trading volume of $25.9 billion and a market capitalization of $1.25 trillion.
At the same time, growing investor demand is expected to push up the price of Bitcoin. Bloomberg analyst Eric Balchunas speculated that major issuers like BlackRock could potentially triple their Bitcoin holdings by the end of next year.
When investors buy shares in these ETFs, the issuers are forced to buy an equivalent amount of Bitcoin, increasing demand and further impacting the already limited supply.
Spot Ether ETFs Break Their Inflow Streak
The nine US-based Spot Ethereum ETFs saw net outflows totaling $79.3 million, a reversal from the net positive flows seen the previous day. The entire net outflow came from Grayscale’s ETHE, with $80.6 million leaving its fund.
These outflows were partially offset by Bitwise’s ETHW, which saw inflows of $1.3 million on the day.
Trading volume for these investment vehicles increased from $139.4 million the previous day to $167.3 million on September 23. Spot Ether ETFs saw a cumulative total net outflow of $686.68 million. At the time of publication, Ethereum (ETH) was trading at $2,639.
