At the end of September, Bitcoin and Ethereum ETF flows will exchange.
TLDR
Bitcoin ETFs saw inflows of $494.4 million on Friday, led by the ARKB ETF. Monday's cooler activity saw net inflows for Bitcoin ETFs of $61.3 million. Ethereum ETFs had inflows of $58.7 million on September 27, followed by Fidelity's FETH ETF on September 30, Ethereum ETFs. Institutional interest remains strong for Bitcoin ETFs with a minimum $0.8 million cost, mixed for Ethereum ETFs.
Bitcoin and Ethereum exchange-traded funds (ETFs) experienced mixed inflows and outflows in the last days of September 2024, reflecting institutional demand for cryptocurrency-backed investment products.
On Friday, the Bitcoin ETF posted a record $494.4 million in inflows, one of the highest single-day totals in recent months.
Ark's ARKB ETF led the charge with a whopping $203.1 million in new capital. This continues the strong momentum seen earlier in the week when ARKB experienced a strong inflow on September 26.
Other major players in the Bitcoin ETF space also saw significant gains on Friday. Fidelity's FBTC ETF attracted $123.6 million, while BlackRock's IBIT ETF posted $110.8 million.
Bitwise's BITB added $12.9 million, and Greyscale's GBTC posted $26.2 million in new flows. Smaller earnings were recorded for Invesco's BTCO, Valkyrie's BRRR and VanEck's HODL, each reporting about $3.3 million. VanEck's HODL saw an additional $11.2 million in revenue.
However, momentum slowed on Monday, as Bitcoin ETFs saw a more modest net inflow of $61.3 million. BlackRock's IBIT ETF continued to impress with $72.2 million in inflows, but that was partially offset by outflows from other funds.
Bitwise's BITB and Ark's ARKB ETFs saw $9.7 million and $9.5 million in outflows, respectively. Fidelity's FBTC ETF experienced a slowdown, adding just $8.3 million.
The Ethereum ETF market followed a similar mixed performance. As of September 27, total revenue reached $58.7 million, with Fidelity's FETH ETF leading the pack with $42.5 million.
BlackRock's ETHA brought in $11.5 million, while Bitwise's ETHW and Invesco's QETH added $5.4 million and $4.3 million, respectively.
However, Greyscale's ETHE ETF had $10.7 million in expenses, which were partially channeled to Grayscale's mini ETH fund with $2.3 million in revenue.
On September 30, the situation of Ethereum ETFs changed, with small flows totaling $0.8 million. This was primarily driven by an outflow of $11.8 million from the Greyscale ETHE Fund. BlackRock's ETHA ETF added a modest $11 million, helping to balance the outflow.
Other Ethereum ETAs did not report any significant activity, suggesting institutional interest in Ethereum-backed products after a quiet start to the week.
The massive amount of institutional confidence that poured into Bitcoin ETFs on Friday underscored confidence in the leading cryptocurrency.
Arc and Fidelity products were particularly popular with investors. A tepid market reaction on Monday could indicate short-term profit-taking or another position as investors brace themselves for the new week.
For Ethereum ETFs, the picture was more mixed. Despite strong inflows on September 27, the market saw an exit at the end of the month.
The Greyscale ETHE fund continued to experience breakouts, weighing on overall market sentiment for Ethereum-backed funds.
These fluctuations in ETF flows provide insight into institutional investors' short-term sentiment toward Bitcoin and Ethereum.
The strong performance of Bitcoin ETFs suggests that institutions may currently view Bitcoin as a more attractive investment compared to Ethereum. However, it should be noted that short-term flows may be influenced by various factors and may not indicate long-term trends.
