This week, U.S. Bitcoin exchange-traded funds (ETFs) saw a remarkable inflow of over $1.1 billion, marking the most significant week of inflows since mid-July. Notably, September 27 alone recorded $494.4 million, making it the best day for Bitcoin ETFs since June 4, according to Farside Investors. This strong day followed another impressive figure of $366 million in inflows on September 26.
Key Players Leading the ETF Inflows
Several prominent Bitcoin ETFs drove this week’s impressive numbers:
- BlackRock’s iShares Bitcoin Trust: $499 million in inflows.
- ARK 21Shares Bitcoin ETF: $289.5 million in inflows.
- Fidelity® Wise Origin® Bitcoin Fund: $206.1 million in inflows.
Meanwhile, other Bitcoin ETFs, such as Invesco & Galaxy, Franklin Templeton, Valkyrie, and VanEck products, garnered inflows between $5.7 million and $33.3 million. However, the WisdomTree Bitcoin Fund recorded no inflows during the week.
Strong Market Performance
This influx brings the total aggregate inflows since inception for all 11 spot Bitcoin ETFs to a combined $18.8 billion. A recent Federal Reserve interest rate cut on September 18 is seen as a catalyst for the surge in Bitcoin ETF inflows. Since the rate cut, Bitcoin has climbed 13.8%, reaching $65,800, according to CoinGecko data.
Bitcoin is now just 10.8% below its all-time high of $73,738, which was set on March 14, 2024.
Historical Q4 Trends Favor Bitcoin
As the fourth quarter of 2024 approaches, Bitcoin may be on the verge of another significant rally. Data from CoinGlass shows that Bitcoin has posted gains of 50% or higher in five of the last nine fourth quarters, suggesting potential upside for the cryptocurrency as the year comes to a close.
Ether ETFs Also See Inflows
While Bitcoin stole the spotlight this week, U.S. spot Ether ETFs also enjoyed their largest inflows since early August. Ether ETFs recorded $85 million in inflows, bringing their total intake to just over $1.1 billion, despite factoring in $2.9 billion in outflows from the Grayscale Ethereum Trust since their launch on July 23.
