Bitcoin exchange-traded funds (ETFs) experienced a significant rebound on September 24, attracting $241 million in net inflows after two consecutive days of withdrawals, according to data from SoSoValue. This positive shift follows a combined outflow of $244 million on September 23 and a larger exit of $439 million the previous day. The fluctuations in the market were attributed to adjustments in response to the Federal Reserve’s recent rate cut, while investors awaited new U.S. inflation data.
BlackRock’s iShares Bitcoin Trust (IBIT) was the leader in these inflows, garnering $128.9 million, which elevated its total net inflows to approximately $60.78 billion and raised its total net assets to $87.2 billion. Following closely was Ark Invest and 21Shares’ ARKB, which saw inflows of $37.7 million, bringing its historical total to $2.18 billion. Fidelity’s FBTC also saw a noteworthy addition of $29.7 million, while Bitwise’s BITB brought in $24.7 million. Smaller contributions came from VanEck’s HODL, which added $6.4 million, and Grayscale’s BTC fund, which recorded inflows of $13.5 million.
With these recent inflows, Bitcoin spot ETFs now hold approximately $149.7 billion in assets, representing 6.62% of Bitcoin’s total market capitalization. Cumulative inflows into these ETFs have now reached $57.49 billion, with daily trading volume recorded at $2.58 billion on September 24. This renewed interest underscores the resilience of Bitcoin products following the heavy redemptions witnessed earlier that week. Notably, on September 23, Bitcoin ETFs lost $103.6 million, primarily led by Fidelity’s FBTC with a $75.6 million outflow and ARKB with $27.9 million.
In contrast, Ethereum ETFs continued to face a downward trend, experiencing net redemptions totaling $79.4 million on September 24. This marks a continuation of sustained withdrawals from Ethereum products. Fidelity’s FETH saw the most significant outflow at $33.2 million, followed by BlackRock’s ETHA with $26.5 million and Grayscale’s ETHE, which lost $8.9 million. Bitwise’s ETHW lost $4.5 million, while VanEck’s ETHV and Grayscale’s ETH fund saw no notable flows.
The ongoing trend of redemptions has built upon substantial losses earlier in the week. On September 23, Ethereum ETFs recorded $140.7 million in outflows, primarily led by Fidelity’s FETH at $63.4 million, followed by losses from Grayscale’s ETH product and Bitwise’s ETHW. Within the period from September 22, ETH funds saw an outflow of $76 million.
As of September 24, Ethereum spot ETFs hold assets totaling $27.4 billion, equating to 5.45% of Ethereum’s market value. Cumulative inflows now amount to $13.6 billion, despite the barrage of recent redemptions.
Institutional demand for Bitcoin has notably cooled since a promising start to the month, with net inflows for spot ETFs plummeting by 54% last week, decreasing to $931.4 million from $2.03 billion the previous week. Analysts interpret this decline as a temporary pause in institutional purchasing, even as a broader accumulation trend appears to remain intact.
Earlier in September, Bitcoin’s rally toward $118,000 coincided with hefty ETF inflows, including a remarkable $741 million influx in a single day. However, this momentum appears to have waned as retail traders shifted towards selling. Observations from CryptoQuant indicate that the spot taker CVD indicator has been consistently sell-dominant since mid-August, raising concerns about a potential deeper correction into October if these flows do not recover.
Currently, Bitcoin is trading below $110,600, reflecting a decline of 6.9% over the last 24 hours. Similarly, Ethereum has encountered substantial pressure, dropping below $4,000 amid significant liquidations, including a $36.4 million liquidation from a single position, contributing to a broader $331 million long squeeze in just one day. As of now, Ether trades at approximately $3,882, representing a 7.3% drop in 24 hours and a total decline of 15% over the week.
Despite short-term challenges, there remains a sense of optimism in the cryptocurrency space. Coinbase CEO Brian Armstrong has posited that Bitcoin could reach $1 million by 2030, citing advancements in U.S. legislation, potential government adoption, and increasing institutional interest. With ETF custody largely centralized in Coinbase, Armstrong maintains that strong long-term fundamentals are supported by tightening supply and emerging sovereign demand.
