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BlackRock’s iShare Bitcoin Trust (IBIT) recorded its first daily net inflows in three weeks, leading US Bitcoin exchange-traded-funds (ETFs) to witness a combined net inflow of $12.8 million. facts from Farside Investors confirms.
BlackRock’s Spot Bitcoin ETF Attracts Net Inflows, What About Other ETFs?
BlackRock entered the Bitcoin ETF space when the US Securities and Exchange Commission (SEC) approved IBIT in January 2024.
Dubbed the world’s largest asset manager with $9 trillion in total assets under management (AUM), BlackRock’s entry into the emerging crypto ETF ecosystem was met with great enthusiasm by investors as it not only brings a degree of sophistication entailed, but also showed institutional approval. towards the industry.
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Yesterday, the asset manager’s regulated financial product attracted $15.8 million in daily net inflows, a first since August 26, 2024. Net inflows of money into IBIT were strong enough to push the broader US spot Bitcoin ETF market into green territory push, with a combined net inflow of $12.8 million.
IBIT’s three weeks of no net daily inflows consisted of eleven days of no inflows, while two days – August 29 and September 9 – saw net daily outflows of $13.5 million and $9.1 million, respectively.
Looking at the performance Among other spot Bitcoin ETFs, Grayscale’s GBTC product witnessed net daily outflows of $20.8 million. At the same time, Fidelity’s FBTC, Franklin Templeton’s EZBC and VanEck’s HODL experienced net daily inflows of $5.1 million, $5 million and $4.9 million, respectively.
According to facts from cryptocurrency ETF tracker SoSoValue, BlackRock’s IBIT rules among US-based spot Bitcoin ETFs, with an enviable cumulative net inflow of $20.9 billion since the product’s launch early this year. FBTC follows this with $10.1 billion, Ark and 21Shares’ ARKB with $2.6 billion, and Bitwise’s BITB with $2.2 billion.
In contrast, GBTC has witnessed cumulative net outflows of $20 billion. Analysts consider the product’s exorbitant 1.5% fee as a key reason for GBTC’s performance to date. For comparison: IBIT charges a fee of 0.21%.
Spot Ethereum ETFs continue their lackluster performance
While spot Bitcoin ETFs ended the day with a combined net inflow of $12.8 million, spot Ethereum ETFs experienced a combined net outflow of $9.4 million.
Like its Bitcoin ETF, Grayscale’s Ethereum ETF (ETHE) witnessed net daily outflows of $13.8 million, followed by Bitwise’s ETHW with net outflows of $2.1 million. Only Grayscale’s mini Ethereum ETF (ETH) successfully attracted net inflows worth $2.3 million.
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Since their approval in May 2024, Ethereum ETFs have not performed as well as Bitcoin ETFs in attracting significant inflows.
The tepid performance of Ethereum ETFs is reflected in the price of the digital asset as it continues to rise underperform against Bitcoin. Ethereum is trading at $2,307 at the time of writing, up slightly by 0.6% in the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com