As a seasoned analyst with a decade-long career in the financial markets, I must admit that the current state of Bitcoin ETFs in the US is quite intriguing. The consistent inflows, even during periods of stagnant price action, suggest a growing institutional interest and confidence in this digital asset class. The recent inflow of $202.6 million on Aug. 26 is a testament to this trend, with BlackRock’s iShares Bitcoin Trust leading the charge.
On Monday, August 26th, as per initial data from Farside Investors, a total sum of approximately $202.6 million flowed into Bitcoin ETFs operating in the U.S.
Today represents the second-biggest daily increase in investments this month, and it’s also the eighth straight day these investment products have shown a positive return (green).
Over the last two weeks, Bitcoin spot ETFs have experienced positive inflows on 12 out of 14 trading days, even though the underlying Bitcoin itself hasn’t shown significant price increases.
Bitcoin ETFs Still Popular
As a researcher, I find it noteworthy to share that the BlackRock iShares Bitcoin Trust (IBIT) experienced its largest daily investment influx since July 22, amounting to approximately $224 million. The Franklin Bitcoin ETF (EZBC) and WisdomTree Bitcoin Fund (BTCW) were the only other two funds reporting significant net inflows of $5.5 million and $5.1 million respectively during this period.
As a researcher examining the daily flow of investments, I observed a combined net outflow of approximately $32 million from ETFs offered by Fidelity, Bitwise, and VanEck. On the other hand, it’s worth noting that Grayscale’s two ETFs, GBTC and BTC, showed no significant inflow or outflow for the day, with net zero flows reported.
Bitcoin ETF Flow (US$ million) – 2024-08-26
TOTAL NET FLOW: 202.6
IBIT: 224.1FBTC: -8.3BITB: -16.6ARKB: 0BTCO: 0EZBC: 5.5BRRR: 0HODL: -7.2BTCW: 5.1GBTC: 0BTC: 0
For all the data & disclaimers visit:
— Farside Investors (@FarsideUK) August 27, 2024
Bitcoin’s price surged by 6.5%, with influxes occurring during this period. Prices peaked at $65,150 on both the weekend and Monday, but they began to decline earlier today.
Last week, institutional investments into global cryptocurrency products experienced a surge, as reported by asset manager CoinShares. This positive trend resulted in weekly inflows of approximately $533 million for digital asset investment products.
The actions were triggered by a shift towards more accommodative monetary policy by the U.S. Federal Reserve, as indicated by Chairman Jerome Powell, who suggested that it is quite probable that the initial interest rate reduction since March 2020 might take place in September.
Ethereum ETF Exodus Continues
Despite this, there’s a lack of similar optimism when it comes to U.S. spot Ethereum ETFs, as they experienced their eighth straight day of withdrawals on Monday.
Approximately $13.2 million was withdrawn from Ethereum ETFs, with a large portion coming from Grayscale’s ETHE fund. Fidelity and Franklin experienced modest withdrawals as well, while the remainder saw no transactions for the day.
The ETHE fund managed by Grayscale has seen a decrease of approximately $2.5 billion in assets, which was anticipated, and it seems that these asset outflows may not cease soon.
Despite ETH prices reaching their peak since the August 5th crash, I’ve noticed that the trend of users leaving continues unabated. Interestingly, following the weekend crash at approximately $2,800, the asset has dipped once more, experiencing a 1.8% decline on the day to currently stand at $2,685 as I write this.
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2024-08-27 10:57