The performance of the spot Bitcoin ETF (exchange-traded fund) market in the United States has been impressive in recent weeks. Continuing their excellent streak, crypto investment products closed the previous trading week with their best one-day performance in almost four months.
Positive investor sentiment towards spot ETFs also appears to have spilled over into the Bitcoin and crypto market in general, which has recovered well from the early price drop in September.
US Bitcoin ETFs Post Nearly $500 Million in a Single Day
On Friday, September 27, the US Bitcoin ETF spot market recorded a total net inflow of $494.27 million, the highest value since the $886 million inflow on June 4. $365 million in net inflows just 24 hours ago.
According to SoSoValue data, 21Shares’ Ark Invest and ARKB led the day with an inflow of $203 million, while Fidelity’s FBTC followed in second place with an inflow of $124 million. In an apparent resurgence, BlackRock’s IBIT came in third with a net inflow of over $110 million.
Source: SoSoValue
Meanwhile, Grayscale Bitcoin Trust (GBTC) recorded a rare positive day, with $26.15 million invested in the product. Unsurprisingly, this value represents the fund’s highest inflow since mid-May, reflecting the level of redemption it has experienced since the launch of spot Bitcoin ETFs.
Following Friday’s performance, total weekly net inflows for BTC exchange-traded funds reached a remarkable $1.11 billion. The billion-dollar performance makes this the third consecutive week that U.S.-based spot Bitcoin ETFs have seen a cumulative weekly net inflow.
Spot Ethereum ETFs record second positive week in history
The stellar performance of Spot Bitcoin ETFs appears to have inspired its Ethereum counterpart, as ETH funds recorded their second week of positive trading since their launch. Ethereum ETFs saw a cumulative net inflow of over $84.51 million over the past week.
As of Friday, the total net inflow into Ethereum spot ETFs was approximately $58.6 million. Data from SoSoValue shows that Fidelity’s FETH leads with an inflow of $42.5 million, followed by BlackRock’s ETHA in second place with $11.46 million.
iShares Ethereum ETF Eclipses $1 Billion in Assets…
Now in the top 20% of over 3,700 ETFs.
It’s been 2 months. pic.twitter.com/iRWaxkjZxl
-Nate Geraci (@NateGeraci) September 28, 2024
In an article on X, ETF expert Nate Geraci mentioned that the BlackRock Ethereum ETF has surpassed the $1 billion mark in terms of assets. While acknowledging that this feat was achieved in two months, Geraci revealed that ETHA is now in the top 20% of over 3,700 ETFs in the United States.
The price of Bitcoin fails to hold above the $66,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall.E, chart by TradingView
