Key Takeaways
- BlackRock’s IBIT ETF received $15.8 million in inflows after a three-week drought.
- Total net inflows for spot Bitcoin ETFs hit $12.8 million on Monday.
- Spot Ethereum ETFs saw $9.4 million in net outflows the same day.
BlackRock’s IBIT spot Bitcoin ETF recorded its first daily net inflows in three weeks, totaling $15.8 million on Monday. This comes after a dry spell since August 26, during which there were 11 trading days with no inflows and two with net outflows. Other Bitcoin ETFs also saw positive movements, with Fidelity’s FBTC gaining $5.1 million, Franklin Templeton’s EZBC bringing in $5 million, and VanEck’s HODL securing $4.9 million in inflows.
Despite Monday’s $12.8 million total net inflows for spot Bitcoin ETFs, the figure was much lower than the $263.2 million seen last Friday. Trading volume also fell, dropping from $1.8 billion to $1.1 billion.
BlackRock’s IBIT has remained the top performer in 2024, amassing $20.9 billion in net inflows since January, followed by Fidelity’s FBTC at $9.6 billion. Grayscale’s GBTC, however, saw significant net outflows totaling $20 billion, with $20.8 million more exiting on Monday.
In contrast, spot Ethereum ETFs returned to daily net outflows of $9.4 million after briefly seeing inflows last Friday. BlackRock’s ETHA fund led the few positive performers with $4.2 million in inflows, while Grayscale’s main ETHE fund saw $13.8 million in outflows.
Bloomberg ETF analyst Eric Balchunas addressed theories surrounding BlackRock’s ETF backing, stating that such concerns are unfounded and likening them to similar doubts about gold ETFs in the past.
