In the U.S., spot Bitcoin exchange-traded funds (ETFs) saw a sharp return to inflows this week, with flows in positive territory for the first time since Monday, having registered $45.14 million of net new activity on Wednesday. That’s a reversal from the roughly $554m that left Bitcoin ETFs in the prior three trading days. The comeback looks good on paper, as investors come swarming back into Bitcoin ETFs again even after they have been proven to be volatile.
BlackRock IBITs gathered the most inflows at $52.52 million. WisdomTree also saw inflows in BTCW, drawing $10.5 million for the fund’s heaviest net intake yet. Grayscale Bitcoin Mini Trust saw $9.71 million in net new inflows, and Bitwise BITB recorded around $3M of new money coming into the fund. In contrast, Grayscale’s converted GBTC fund was also alone in experiencing net outflows of a Bitcoin ETF Wednesday for $30.58 million. The remaining seven, including Fidelity’s FBTC and VanEck’s HODL, did not report any flows on Monday.
Spot Bitcoin ETFs had the largest trading volume of $1.79 billion on Wednesday, slightly lower than Tuesday’s $2.2 billion. Since going live last month, the 12 Bitcoin ETFs have attracted a combined $17.23 billion in net inflows, exemplifying broader demand for these products as investors seek exposure to the volatile asset class without actually owning any coins outright.
Meanwhile, spot Ethereum ETFs had net outflows of $23.68 million on Wednesday — a complete turnaround from the previous day. The Grayscale ETHE had the largest outflows at $31.86 million and was in a negative spread position. However, some Ethereum ETFs recorded positive developments; for instance, Fidelity’s FETH reported net inflows of $4.7 million, and Spot Ether funds from Bitwise and Franklin Templeton saw them, too. The total daily trading volume for Ethereum ETFs stood at $322.85 million, and the cumulative net outflows of these funds have reached a new low since they were listed on July 23 — with losses totaling $387.35 million.
After the latest alterations from the spot and derivatives market, cryptocurrency prices have been impacted as well. The Bitcoin price is up 0.95% in the past day and trades at $5739 as of press time. Ether is down by just shy of 3% at $2.423. What makes these prices so relevant is that they illustrate another week of volatility and shifting investor sentiment within the market.