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The US spot Bitcoin ETF market has seen a strong resurgence, ending an eight-day streak of negative flows. According to data provided by SoSoValue, the total daily inflows recorded is $117 million.
Spot Bitcoin ETF Inflow – Fidelity Leads
The standout performer among the ETFs was Fidelity’s FBTC, with the highest inflow of $63.26 million. Grayscale’s Bitcoin Mini Trust followed suit with $41.13 million in inflows. Also, Ark Invest and 21Shares’s ARKB experienced $12.68 million in inflows. However, BlackRock’s IBIT and the other eight prominent players in the space experienced zero daily inflows.
The twelve-spot BTC ETFs recorded an impressive $712.27 million daily inflows, lower than the usual $1 billion and $2 billion. These positive inflows signify that institutional and retail investors have regained confidence in Bitcoin as a viable asset class. As inflows continue to rise, the market is likely to see a sustained period of growth, particularly if Bitcoin prices stabilize and investors regain their risk appetite.
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US Spot Ethereum ETF Recorded Inflows
Similarly, the US spot Ethereum (ETH) ETF experienced daily inflow. Fidelity’s FETH recorded $7.13 million in daily inflow, while BlackRock’s ETHA recorded $4.31 million. The nine ETH ETFs recorded a trading volume of $102.87 million, lower than the $124.51 million seen the previous day. Notably, this is the first time since August 28 that ETH ETFs have been spotted experiencing inflows.
Recall that the ETH ETFs recorded a total net inflow of $5.8 million, ending their nine days of continuous net outflows. Data revealed that BlackRock’s ETHA led the pack with $8.4 million net inflow. Fidelity’s FETH followed BlackRock with an inflow of $1.26 million. Generally, the nine-spot Ethereum ETFs saw a trading volume of $151.57 million, notably lower than the $900 million in late July.
Uncertainty of Solana ETF Approval
Last month, the United States Securities and Exchange Commission (SEC) rejected several 19b-4 applications. As reported by TheCoinRise, the Cboe BZX Exchange submitted an application on behalf of two potential issuers for Spot Solana ETF. However, the SEC decision led to the immediate removal of these applications from the Cboe website.
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Likewise, the 19b-4 forms submitted by VanEck and 21Shares for a Solana ETF were removed from the Cboe website.
The financial community debated whether the companies intentionally withdrew the 19b-4 filings or if there were other reasons for the delay in the approval.
Meanwhile, Franklin Templeton, a global investment firm, released a report in May titled “Solana: Accelerated Adoption.” His report suggested that Solana is poised to become the third cryptocurrency asset after BTC and ETH.
