As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent surge in Bitcoin (BTC) and the subsequent influx into Bitcoin-based ETFs. The $158 million net inflow on Sept. 19 is a clear testament to the growing interest in this digital asset class.
Bitcoin‘s (BTC) price experienced a significant jump in the past days, exceeding the important $63,000 threshold following several weeks where it hovered between $55,000 and $57,000. This bullish trend in the cryptocurrency market has also resulted in an impressive increase in investments towards Bitcoin-based ETFs. According to SoSoValue, Bitcoin spot ETFs recorded a total net influx of $158 million on September 19.
In a significant market movement, the ETFs from Ark Invest and 21Shares (ARKB) and Fidelity (FBTC) led the way with impressive one-day inflows. ARKB attracted approximately $81 million, while FBTC garnered around $49 million. Meanwhile, Bitwise’s ETF (BITB) recorded a one-day inflow of about $10.36 million, and Grayscale’s ETF (BTC) followed closely with a daily influx of nearly $9.54 million.
BlackRock ETF slows down
On the other hand, it’s worth mentioning that BlackRock’s IBIT experienced a stable day without any additions or subtractions in its ETF. This unexpected situation arises as BlackRock’s Bitcoin ETF has been a standout performer among ETFs. In reality, it continues to hold the top spot for overall net inflows compared to other Bitcoin Spot ETFs.
Since September 19th, IBIT has amassed a total net influx of approximately $22.67 billion. In comparison, Grayscale’s GBTC and Fidelity’s FBTC have accumulated net inflows of $14.02 billion and $11.20 billion respectively. This indicates that the BlackRock Bitcoin ETF, despite its recent lackluster performance, is still the largest ETF currently available in the market.
Currently, the accumulated net inflow in the ETF market stands at a substantial $17.60 billion. With a staggering total net worth of $57.82 billion, this represents 4.64% of Bitcoin’s overall market capitalization. This suggests that these ETFs have made significant strides in the market since their recent introduction.
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2024-09-20 16:54