US Spot Bitcoin ETFs See Record Inflows

According to Cointelegraph, United States spot Bitcoin exchange-traded funds (ETFs) accumulated over $1.1 billion this week, marking the largest week of inflows since mid-July. This surge included $494.4 million on September 27, the highest single-day inflow since June 4, following a $366 million inflow on September 26. Leading the weekly inflows were BlackRock’s iShares Bitcoin Trust with $499 million, ARK 21Shares Bitcoin ETF with $289.5 million, and the Fidelity® Wise Origin® Bitcoin Fund with $206.1 million. Other Bitcoin products from Invesco & Galaxy, Franklin Templeton, Valkyrie, and VanEck saw inflows ranging from $5.7 million to $33.3 million, while the WisdomTree Bitcoin Fund did not record any inflows during the week. The recent inflows bring the total aggregate inflow for all 11 spot ETFs to $18.8 billion since their inception. This increase in spot Bitcoin ETF flows follows the Federal Reserve’s interest rate cut on September 18. Since the rate cut, Bitcoin has surged 13.8% to $65,800, according to CoinGecko data, and is now only 10.8% below its all-time high of $73,738 set on March 14. As the fourth quarter of 2024 approaches, historical data from CoinGlass indicates that Bitcoin has recorded a 50% or higher gain in over five of the last nine years during this period. Meanwhile, US spot Ether (ETH) ETFs also saw significant inflows this week, totaling $85 million, the largest since early August. Since their launch on July 23, Ethereum products have accumulated over $1.1 billion in inflows, factoring in the $2.9 billion in outflows from the Grayscale Ethereum Trust.