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US spot Bitcoin ETFs log highest inflow day since June, two-month high in total value

The BlockThe Block2024/09/28 18:33
By:Zack Abrams

Following a seven trading day streak of inflows and bolstered by the rising price of Bitcoin, the total assets held by US-based spot Bitcoin ETFs has reached a two-month high.Friday also marked the largest inflows to the funds since early June, a nearly four-month high.

US-based spot bitcoin exchange-traded funds have extended their inflow streak to seven straight trading days, with Friday's inflows marking the largest single-day intake since early June, a nearly four-month high. 

Following the streak, the ETFs have achieved a two-month high in terms of total asset value, with $61.21 billion worth of bitcoin currently being held by the twelve funds currently available for trading. 

On Friday, the funds saw a daily total net inflow of $494.27 million, according to SoSoValue data , led by a $203.1 million inflow to Ark and 21Shares' ARKB fund. Fidelity's FBTC logged the second-highest inflow, with $123.6 million, followed close behind by BlackRock's IBIT fund, with $110.8 million in inflows on Friday. 

Also recording inflows were Grayscale's GBTC with $26.1 million, Bitwise's BITB with $12.9 million, VanEck's HODL with $11.1 million, Invesco's BTCO with $3.3 million, and Valkyrie's BRRR with about $3.3 million as well. The four remaining funds saw no significant inflows nor outflows. 

The daily total inflow of $494.27 million was the highest single-day intake for the funds since June 4, when the funds saw $886.75 million in inflows. The total net asset value of the funds, $61.21 billion, is the highest value recorded since July 29, when the total net asset value was $61.73 billion, according to SoSoValue data. 

The U.S. Securities and Exchange Commission's recent approval of BlackRock's proposal to list and trade options for its spot Bitcoin BTC +0.19% ETF has led some analysts to predict a "flurry" of new filings , though others have turned a critical eye towards the potential effects of more "paper" Bitcoin on the demand for underlying asset . 


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