Hold onto your hats, crypto enthusiasts! Yesterday, ETH ETFs dipped slightly into the red, but the real fireworks were happening with Bitcoin ETFs.
Spot Bitcoin ETFs have been moving and shaking the market, hinting at potential price surges for BTC. Investors threw a whopping $360 million into US-based ETFs yesterday, marking the highest influx in over two months. This isn't just a fluke—history shows that strong inflows into spot BTC ETFs often push Bitcoin's price skyward.
Investors have been on a buying spree, with only two days of net outflows out of the last 14 since September 6. Yesterday alone saw a massive $365.7 million in net inflows, the highest since late July. Leading the charge was Ark Invest's ARKB with $113.8 million, followed by BlackRock’s IBIT ($93.4 million), Fidelity’s FBTC ($74 million), and Bitwise’s BITB ($50.4 million). Only Grayscale’s GBTC bucked the trend with minor outflows of $7.7 million. Thanks to these hefty inflows, BlackRock's IBIT now boasts a total asset under management (AUM) north of $21.3 billion.
These inflows have mirrored a rise in BTC's price. Ever since the US Fed announced a 0.5% interest rate cut last Wednesday, investors have been flooding into ETFs, pushing Bitcoin's price from $59,300 to nearly $66,000—a dazzling 11% spike in just over a week!
Meanwhile, Ethereum ETFs have had a bumpier ride. After some major withdrawals following the Fed's rate cut, the situation improved on September 24 and 25 with net inflows of $62.5 million and $43.2 million, respectively. However, yesterday saw a slight net outflow of $0.1 million, primarily due to Grayscale’s fund losing $36 million, which couldn't be offset by gains from BlackRock’s ETHE and Fidelity’s FETH.
Despite the turbulence, ETH's price has climbed more than 14% over the past week, now sitting comfortably above $2,660.
So, while ETH ETFs are still finding their footing, Bitcoin ETFs are enjoying a rocket-fueled boost. Keep your eyes peeled—this crypto rollercoaster shows no signs of slowing down!
