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U.S. Bitcoin ETF Inflows Hit $1.1 Billion This Week, Highest Level Since Mid-July

U.S. Bitcoin ETF Inflows Hit $1.1 Billion This Week, Highest Level Since Mid-July

Bitget2024/09/29 13:51
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On Sept. 29, U.S.-based spot bitcoin exchange-traded funds (ETFs) experienced their largest inflows since mid-July, with more than $1.1 billion in inflows in the week beginning Sept. 23rd. Leading the way were bitcoin products from BlackRock, ARK 21Shares and Fidelity, which saw inflows of $499 million, $289.5 million and $206.1 million, respectively, according to Farside Investors.

On September 27, spot bitcoin ETF inflows reached a weekly high of $494.4 million, the best day since June 4th. Also on September 26, spot bitcoin ETF inflows reached $366 million.

While BlackRock, ARK 21Shares, and Fidelity led the way, other bitcoin ETFs such as Invesco, Galaxy, Franklin Templeton, Valkyrie, and VanEck saw inflows between $5.7 million and $33.3 million. WisdomTree's bitcoin fund, however, did not report any inflows during this period. Cumulative inflows into all 11 spot bitcoin ETFs since their launch in January have now reached $18.8 billion.

In addition to bitcoin ETFs, the U.S. spot ethereum ETF also had a strong week, with $85 million in inflows, the largest inflow since August 5th-9th. Since its launch on July 23, the ethereum ETF has accumulated more than $1.1 billion, including $2.9 billion in outflows from the Grayscale Ether Trust.

The increase in Bitcoin ETF inflows occurred after the Federal Reserve cut interest rates on Sept. 18, which had a positive impact on the cryptocurrency market. Since then, Bitcoin has risen 13.8% to $65,800, according to CoinGecko. Currently, the cryptocurrency's price is just 10.8 percent below its all-time high of $73,738 set on March 14th.

As the fourth quarter approaches, historical data from CoinGlass shows that Bitcoin has risen 50 percent or more in the fourth quarter in five of the last nine years, underscoring a potentially bullish trend.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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