The performance of the local Bitcoin ETF (exchange-traded funds) market in the United States has been positive over the past few weeks. Continuing its best streak, crypto investment products closed the last trading week with their best one-day performance in nearly four months.
The positive investor sentiment surrounding the ETF space seems to be feeding into Bitcoin and the general crypto market, which has recovered well from the early September price drop.
US Bitcoin ETFs Send Nearly $500 Million in One Day
On Friday, September 27, the US Bitcoin ETF market registered a net inflow of $494.27 million, the highest amount since the capital inflow of $886 million on June 4. This was another strong daily performance for crypto-based products. , posted above. $365 million in net income with 24 hours to go.
According to data from SoSoValue, Ark Invest and 21Shares’ ARKB led the day with inflows of $203 million, while Fidelity’s FBTC followed in second place with inflows of $124 million. Seemingly starting again, BlackRock’s IBIT came in third with net inflows of over $110 million.
Source: SoSoValue
Meanwhile, Grayscale Bitcoin Trust (GBTC) recorded an unusually good day, with $26.15 million flowing into the product. Unsurprisingly, this amount represents the fund’s highest inflow since mid-May, reflecting the level of redemptions it has experienced since the inception of Bitcoin ETFs.
As a result of Friday’s performance, the total amount of net weekly income of BTC exchange-traded funds increased to a remarkable $1.11 billion. This billion-dollar showing makes it the third week in a row that US-based Bitcoin ETFs have recorded weekly net inflows.
Spot Ethereum ETFs Record Second Best Week Ever
The outstanding performance of Spot Bitcoin ETFs seems to have inspired their Ethereum counterpart, as ETH funds posted their second positive trading week since launch. Ethereum ETFs registered net inflows of more than $84.51 million in the past week.
On Friday, the total revenue of Ethereum ETFs was about $58.6 million. Data from SoSoValue shows that Fidelity’s FETH led the way with $42.5 million in inflows, while BlackRock’s ETHA was second with $11.46 million.
iShares Ethereum ETF surpasses $1bil in assets…
It is now in the top 20% of all 3,700+ ETFs.
Is this 2 months. pic.twitter.com/iRWaxkjZxl
— Nate Geraci (@NateGeraci) September 28, 2024
In a post on X, ETF expert Nate Geraci revealed that the BlackRock Ethereum ETF has passed the $1 billion mark in terms of assets. While acknowledging that this achievement was achieved in two months, Geraci pointed out that ETHA is now in the top 20% of the 3,700 ETFs in the United States.
The price of Bitcoin fails to hold above the $66,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall.E, chart from TradingView