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BlackRock’s IBIT Sees First Daily Net Inflows in Three Weeks as Spot Bitcoin ETFs Draw $12.8 Million

SUMMARY

BlackRock’s IBIT experienced its first positive flows in three weeks on Monday, as spot Bitcoin ETFs saw net inflows totaling $12.8 million.
In contrast, spot Ethereum ETFs faced daily net outflows of $9.4 million.

BlackRock’s IBIT spot Bitcoin ETF saw its first daily net inflows since August 26, totaling $15.8 million. This stamped the end of three weeks characterized by 11 days with no inflows and two days of net outflows on August 29 and September 9. Other spot Bitcoin ETFs moreover experienced positive flows, with Fidelity’s FBTC, Franklin Templeton’s EZBC, and VanEck’s HODL seeing inflows of $5.1 million, $5 million, and $4.9 million, respectively.

Conversely, Grayscale’s higher-fee GBTC returned to net outflows of $20.8 million, following rare inflows of $6.7 million on Friday. This outflow was mostly relieved by $2.8 million in inflows into its mini-product, BTC. Even though the recent challenges, BlackRock’s IBIT remains the pioneer in spot Bitcoin ETF flows, having amassed $20.9 billion in net inflows since January. In comparison, Fidelity’s FBTC has earned $9.6 billion in net inflows, whereas Grayscale’s GBTC has confronted over $20 billion in net outflows. The total net inflows for spot Bitcoin ETFs stand at $17.3 billion. Be that as it may, Monday’s inflows of $12.8 million were strikingly lower than Friday’s $263.2 million, with trading volume diminishing from $1.8 billion to $1.1 billion.

On the Ethereum front, spot ETFs saw net surges of $9.4 million on Monday, switching the previous day’s $1.5 million influx. BlackRock’s ETHA led the inflows with $4.2 million, whereas Grayscale’s mini Ethereum ETF pulled in $2.3 million. Be that as it may, Grayscale’s primary ETHE product experienced $13.8 million in outflows, and Bitwise’s ETHW saw $2.1 million in exits. Since their initiation in July, spot Ethereum ETFs have confronted $590.8 million in total net outflows, basically driven by $2.7 billion in outflows from Grayscale’s ETHE. Despite this, other Ethereum ETFs have collectively seen $2.1 billion in net inflows. Trading volume for Ethereum ETFs also declined from $149 million to $128 million on Monday.

Amid recent skepticism around the backing of spot Bitcoin ETFs and their custodian, Coinbase, Bloomberg ETF analyst Eric Balchunas addressed these concerns, recommending that Bitcoin investors are looking for a “scapegoat” for recent selling pressure. He compared current assumptions to past contentions with gold ETFs, emphasizing that BlackRock and Coinbase have more than once supported Bitcoin’s price. Bitcoin is as of now trading at $58,750, showing a flat trend over the past 24 hours but a 39% increment year-to-date despite a 20% drop over the past six months. Balchunas noted that the genuine issue may lie within the Bitcoin community itself or maybe than external variables.