Spot Bitcoin ETFs banked a net inflow of $4.5 million on September 23, 2024, Eastern Time (ET). BlackRock and Fidelity led the charge with $11.5 million and $24.9 million, respectively. When Mini Trust was added to their chart, they collectively balanced the negative flow of Grayscale, which was worth $40.3 million. The value of BTC was $8.4 million. The cumulative historical net inflow stands at $17.70 billion, with a NAV of $57.91 billion and an NAR of 4.63%.
Grayscale Mini Trust’s total flows are positive, at $417 million. BlackRock is on the verge of surpassing the $21 billion mark; this could happen by the end of this week, provided sufficient data is recorded in the books. This stems from the fact that IBIT didn’t show for four days starting September 17, 2024. The last time records of BlackRock’s Bitcoin ETF showed up was on September 16, 2024, for $15.8 million. It was able to balance out the outflows of Grasycale’s GBTC.
BTC ETFs have recorded a total collective inflow of $1.04 billion, with the lowest recorded outflow being $563.7 million.
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The inflows have continued for the third day in a row on September 23. The series commenced on September 19, 2024, with a break; however, it sustained that sentiment over the weekend. Yesterday was the lowest net inflow the segment recorded in the three-day run, with the maximum being $158.3 million on the very first day, that is, September 19, 2024.
Spot Bitcoin ETFs come with the risk of volatility. The higher the BTC price fluctuations, the greater the volatility for its native ETF. The recent rate cut has fueled bullish sentiments, but it has also brought an opportunity to sell a portion for profits. In an effort to secure substantial profits, Bitcoin tokens are being sold at a time when they are feasible. Analysts had earlier predicted a correction to the point of $45,000 to $50,000, triggering panic among traders.
BTC is now aiming to move beyond the $80,000 threshold by the middle of October or the end of that month this year.
Spot Ether ETFs are a different story altogether. They do not mirror the trends in BTC ETFs. Ethereum ETFs recorded outflows worth $79.3 million on September 23, 2024 (ET). Their historical cumulative outflows are now $686.9 million, led by Grayscale’s ETHE for $2.84 billion. BlackRock has the highest amount of net inflows, $1.03 billion.
ETH prices are also down. They have dropped by 0.69% in the last 24 hours, and the token is exchanging hands at $2,641.44.
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Given that Kamala Harris has reportedly expressed support for AI and the crypto industry ahead of the US Presidential elections, it will be interesting to see how Spot Bitcoin ETFs respond in the coming days.
