On September 9, 2024, U.S.-based spot Bitcoin exchange-traded funds (ETFs) experienced a notable shift in investment trends. After a period of eight consecutive days of outflows, these ETFs saw a significant inflow of $28.6 million. This reversal in trend was driven primarily by the Fidelity Wise Origin Bitcoin Fund (FBTC), which alone accounted for the entire inflow amount.
Despite this positive development for most Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) recorded a rare net outflow of $9.1 million on the same day. This marked its third-ever day of outflows, though it was the smallest compared to previous significant outflows. Other ETFs, such as Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB), also saw positive inflows.
The total outflows from Bitcoin ETFs between August 27 and September 6 were approximately $1.2 billion. This outflow streak ended on September 9, coinciding with a Bitcoin price rally that saw its value reach $57,635 before settling at around $56,682.
In contrast, spot Ethereum (ETH) ETFs continued to struggle, with $5.2 million in outflows on September 9, marking their seventh consecutive trading day without inflows. BlackRock and Fidelity led the inflows in Ethereum products, while the Grayscale Ethereum Trust (ETHE) faced significant outflows.
