Economic uncertainties dented global stock and crypto markets last week, but the ETF markets quickly picked up the slack. After the market stabilized on September 10, the crypto spot ETFs experienced inflows. With a daily total net inflow of $116.96 million, Bitcoin ETFs are slowly returning to being the top choice for spot ETFs.
BlackRock’s IBIT has seen an inflow worth $20.91 billion cumulative net inflow, ranking first on the chart. Although BlackRock is leading in cumulative net inflow, it did not account for any inflow on September 10th, similar to Grayscale. In contrast, Grayscale’s cumulative net outflow now rounds to $20.04 billion.
Fidelity’s FBTC ranks top of the list of spot Bitcoin ETFs in 1-day net inflow with USD 63.16 million, followed by Ark & 21 shares (ARKB) seeing $12.68M in inflow. The cumulative net inflow for FBTC and ARKB currently stands at $9.52B and $2.29B, respectively.
As of September 10th, BlackRock’s ETHA registered a 1-day net inflow of $4.31 million. Fidelity’s FETH, on the other hand, saw $7.13M in inflows in one day. This brings the cumulative net inflow of ETHA and FETH to $1.2B and $412.5M, respectively, and the daily total net inflow of the U.S. Ethereum Spot ETF to $11.44M. On Sept. 10, the remaining seven U.S. Ethereum spot ETFs did not account for any daily inflow.
With the U.S. 2024 elections nearly 8 weeks away, the overall outlook of the market continues to be bearish, despite the September 10 inflows. Financial products related to Ethereum seem to be having a tough time staying afloat—VanEck decided to shut down its Ethereum ETF by the end of September.
WisdomTree, a global ETF sponsor and asset manager, also withdrew its spot Ethereum ETF application from the U.S. Securities and Exchange Commission, probably due to lack of demand.