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BlackRock’s iShares Bitcoin Trust (IBIT), one of the top spot Bitcoin exchange-traded fund (ETFs), recorded its first daily net inflows since August 26. After enduring 11 consecutive trading days of stagnant flows and a few outflow days, the fund attracted $15.8 million in fresh inflows on Monday.
Before this, the IBIT ETF had experienced its longest stretch without positive inflows since spot Bitcoin ETFs began trading in January 2024. Net outflows were reported on August 29 and September 9, further adding to the market uncertainty.
Bitcoin ETFs Record Modest Inflow
Monday’s inflows, while a positive sign, were modest compared to the $263.2 million recorded just the previous Friday. Additionally, trading volumes for Bitcoin ETFs dipped, with activity falling to $1.1 billion from $1.8 billion.
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The broader ETF market also saw some positive movement. Fidelity’s FBTC, Franklin Templeton’s EZBC, and VanEck’s HODL recorded net inflows of $5.1 million, $5 million, and $4.9 million, respectively.
This helped bolster optimism among investors, even as Grayscale’s spot Bitcoin ETF, GBTC, reverted to net outflows. GBTC saw $20.8 million leave the fund after a brief inflow of $6.7 million on Friday. However, Grayscale’s mini product BTC saw a $2.8 million uptick, partially offsetting the losses.
Despite these fluctuations, BlackRock’s IBIT ETF remains the dominant player in the spot Bitcoin ETF space, with total net inflows of $20.9 billion since its January debut. Fidelity’s FBTC is a distant second, with $9.6 billion in net inflows, while Grayscale’s GBTC has been struggling with over $20 billion in outflows.
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Across the board, spot Bitcoin ETFs have accumulated a combined net inflow of $17.3 billion in 2024.
Ethereum ETFs Face Persistent Outflows
In contrast to Bitcoin, spot Ethereum ETFs are facing more challenging market conditions. On Monday, these funds saw a collective net outflow of $9.4 million, a stark reversal from the $1.5 million inflows observed just days earlier.
BlackRock’s Ethereum product, ETHA, did lead the charge with $4.2 million in new inflows, but this wasn’t enough to counteract the $13.8 million that left Grayscale’s converted ETHE fund.
Overall, spot Ethereum ETFs have struggled since their launch in July, accumulating $590.8 million in net outflows. The majority of these outflows, around $2.7 billion, have come from Grayscale’s ETHE product. Meanwhile, other Ethereum funds have managed to attract $2.1 billion in net inflows, but concerns remain about sustained investor interest in the space.
