BlackRock’s IBIT spot Bitcoin exchange-traded fund (ETF) recorded its first daily net inflows since August 26, marking a pivotal shift with $15.8 million in inflows on Monday. This ends a three-week period without positive flows, including 11 trading days of zero activity and two days of net outflows on August 29 and September 9.
According to CoinGlass, several other spot Bitcoin ETFs also saw gains, including Fidelity’s FBTC, Franklin Templeton’s EZBC, and VanEck’s HODL, which collectively garnered net inflows of $5.1 million, $5 million, and $4.9 million, respectively.
Conversely, Grayscale’s GBTC, known for its higher fees, saw a return to net outflows, losing $20.8 million after briefly attracting $6.7 million in inflows last Friday. However, its mini product, BTC, offset some losses with $2.8 million in net inflows.
Despite the inflow drought, BlackRock’s IBIT remains the dominant player in the spot Bitcoin ETF market, having generated $20.9 billion in net inflows since launching in January. Fidelity’s FBTC follows with $9.6 billion, while Grayscale’s GBTC has suffered over $20 billion in net outflows.
Though Monday’s total of $12.8 million in net inflows is significantly lower than Friday’s $263.2 million, trading volume fell to $1.1 billion, down from $1.8 billion.
Spot Ethereum ETFs See Net Outflows
Meanwhile, spot Ethereum ETFs experienced $9.4 million in net outflows on Monday, reversing a brief inflow of $1.5 million from last Friday. BlackRock’s ETHA led inflows with $4.2 million, while Grayscale’s mini Ethereum ETF attracted $2.3 million. However, Grayscale’s main ETHE fund saw $13.8 million in outflows, and Bitwise’s ETHW lost $2.1 million.
Since trading began in July, spot Ethereum ETFs have experienced $590.8 million in total net outflows, driven by $2.7 billion in outflows from Grayscale’s ETHE product. In contrast, other Ethereum ETFs have seen $2.1 billion in combined net inflows.
Trading volume for spot Ethereum ETFs also decreased on Monday, falling to $128 million from $149 million on Friday.
Responding to Spot Bitcoin ETF Skepticism
Amid growing speculation about the backing of spot Bitcoin ETFs, particularly BlackRock’s, Bloomberg ETF analyst Eric Balchunas suggested that some investors are seeking a “scapegoat” for recent selling pressure. Addressing concerns about Coinbase, the custodian for BlackRock’s ETF, Balchunas dismissed rumors of manipulation.
Balchunas compared these fears to past concerns in the gold market, where some claimed vaults were empty, only for the rumors to be debunked. He emphasized that institutional players like BlackRock have repeatedly acted as a stabilizing force for Bitcoin’s price.
Bitcoin is currently trading at $58,750, remaining flat over the past 24 hours. Although down 20% over the past six months, the cryptocurrency is still 39% up year-to-date.
