Bitcoin and Ethereum ETFs will see negative flows despite increased trading volume.
TLDR
In the United States, spot bitcoin ETFs saw $43.97 million in outflows on September 11, ending a two-day streak of positive inflows. ARK 21Shares' ARKB had the highest outflows at $54 million, while Fidelity's FBTC also saw net outflows of $12.6 million. Trading volume of $542,870 increased for both Bitcoin and Ethereum ETFs.
On September 11, 2024, both Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States experienced net inflows, a reversal from the positive trends of previous days.
Bitcoin ETF performance
The 12-position Bitcoin ETFs in the United States recorded net inflows of $43.97 million on September 11. This ended a two-day positive run for these investment vehicles.
ARK 21Shares' ARKB saw the largest outflow, spending $54 million. Greyscale GBTC followed with a cost of $4.6 million.
However, all Bitcoin ETFs saw negative flows. Fidelity's FBTC led the day's earnings, recording $12.6 million in net additions.
Invesco BTCO also saw positive activity with $2.6 million in revenue. Seven other Bitcoin ETFs, including BlackRock's IBIT, saw no trading activity on September 11.
Ethereum ETF activity
Spot Ethereum ETFs experienced outflows on the same day. The nine US-based Ethereum ETFs recorded net inflows of $542,870.
VanEck's ETHV led the inflows with $1.7 million, while Fidelity's FETH was the only Ethereum ETF to see inflows at $1.2 million.
Trading volume and price movements
Despite the flows, trading volume for both Bitcoin and Ethereum ETFs increased. On September 11, the total trading volume of Bitcoin ETFs rose to $1.27 billion, up $717 million from the previous day. Ethereum ETFs saw their daily trading volume rise to $126.2 million.
As of September 12, 2024, the price of Bitcoin increased by 2.7% in the previous day, trading at $57,932. Ethereum traded at $2,354, a slight increase of 1%.
