US spot bitcoin ETFs log highest daily inflows in nearly two months as BTC challenges $60,000
Quick Take
- US-based spot bitcoin ETFs on Friday saw their best single-day inflows since July 22, despite industry leader BlackRock’s IBIT logging no significant inflows or outflows.
- The price of bitcoin is challenging $60,000 as traders bet on a sizable interest rate cut from the Federal Reserve next Wednesday.
- US-based spot ether ETFs logged modest inflows in a rare rebound.
Spot bitcoin exchange-traded funds in the United States had their best day for inflows in nearly two months on Friday—despite the fact that the largest ETF on the market logged no inflows of its own.
On Friday, US-based spot bitcoin ETFs logged a daily total net inflow of $263.1 million, the most for a single day since July 22's massive $485.9 million 55 days ago. The total inflow for last week was $403.8 million, rebounding from two weeks of net negative inflows.
BlackRock's IBIT, currently the largest such fund by assets under management (AUM), has logged merely $9.1 million worth of outflows over the past two weeks, with most days seeing no net trading activity. Instead, Friday's inflows were led by Fidelity's FBTC with $102.1 million worth of inflows and Ark & 21Shares' ARKB with $99.3 million worth of inflows.
Bitwise's BITB logged the third-biggest inflow with $43.1 million. "Never been more optimistic about the road ahead for Bitcoin & crypto. Glad to be part of this community," said Bitwise CEO Hunter Horsley in a post on X referencing the inflows.
Four other funds posted modest gains—Grayscale's GBTC with $6.7 million, Franklin's EZBC with $5.2 million, VanEck's HODL with $5.1 million, and Valkyrie's BRRR with $1.7 million—with the rest reporting no significant inflows or outflows.
The price of bitcoin is currently hovering around $60,000 as traders anticipate an interest rate cut from the Federal Reserve next Wednesday, September 18. CME FedWatch currently predicts an equal likelihood of the Fed cutting rates by either 25 or 50 basis points. The rate has remained unchanged for over a year after being increased to its current 525-550 basis point target on July 26, 2023.
Ether ETFs see modest inflows
Following two days of net negative outflows, US-based spot ether ETFs logged a modest gain of $1.52 million in inflows on Friday.
An outflow of $7.4 million from Grayscale's ETHE fund was offset by $5.21 million worth of inflows into Bitwise's ETHW and a $3.7 million inflow to BlackRock's ETHA. The rest of the US-based funds saw no significant inflows or outflows.
The price of Ethereum is currently up 2.3% over the past 24 hours, according to The Block's Ethereum Price Page.
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