US spot bitcoin ETFs draw in $39 million, BTC hovers around $58,000
2024-09-13

Spot bitcoin exchange-traded funds in the U.S. saw daily net inflows of $39.02 million on Thursday, after reporting negative flows the day before.
According to SoSoValue data, the largest net inflows came from Ark and 21Shares’ ARKB, which saw $18.34 million move into the fund yesterday. Fidelity’s FBTC recorded net inflows of $11.47 million, while Grayscale’s Bitcoin Mini Trust drew in $5.18 million. 
VanEck’s HODL saw smaller inflows of $4.95 million, and Franklin Templeton’s bitcoin fund recorded $3.38 million in inflows. Bitwise’s BITB also saw positive flows of $2.22 million.
Grayscale's GBTC was the only spot bitcoin ETF to record outflows, with 6.51 million exiting the fund. The remaining five bitcoin ETFs, including BlackRock’s IBIT, had zero flows on Thursday. IBIT, the largest spot bitcoin ETF by net assets, has not had net inflows since Aug. 27.
The 12 bitcoin ETFs recorded a lower daily trading volume of $896.92 million on Thursday, down from $1.27 billion the day before. Since launching in January, the bitcoin funds have accumulated $17.03 billion in net inflows.
Grayscale's ether ETF led outflows
Spot Ethereum ETFs in the U.S. saw net outflows of $20.14 million, recording their second consecutive net outflow day. The entire daily net outflows came from Grayscale’s ETHE, while the eight other ether funds logged zero flows on Thursday.
The ether ETFs' total daily trading volume was $106.14 million yesterday, compared to Wednesday’s $126.22 million. Their cumulative net outflows stood at $582.74 million.
Meanwhile, the price of bitcoin lingers around the $58,000 level. The world’s largest cryptocurrency fell 0.6% to currently trade at around $57,916. Bitcoin dropped to lows of under $53,000 after the U.S. released weak non-farm payroll data last Friday, but has since recovered on the back of the election debate between Kamala Harris and Donald Trump, as well as Wednesday’s release of consumer price data.
Investors now await next week’s Federal Open Market Committee meeting. CME Group’s FedWatch Tool gave a 57% chance that the Fed would lower rates by 25 basis points, while giving a 43% chance to a 50 basis-point decrease.
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