On Tuesday, Bitcoin exchange-traded funds (ETFs) received inflows totaling approximately $117 million. Leading this surge, Fidelity’s Bitcoin Fund (FBTC) captured around $63 million in net inflows.
Consequently, FBTC’s eight-month total inflows now stand at $9.5 billion.
BlackRock’s Bitcoin ETF Yet to Record Inflows
On the same day, Grayscale’s Bitcoin Mini Trust (BTC) and ARK Invest/21Shares’ Bitcoin ETF (ARKB) also experienced substantial inflows. They attracted about $41.1 million and $12.7 million respectively.
These figures signify that spot Bitcoin ETFs crossed the $100 million mark in inflows for the first time in September. This influx followed a Monday record of $28.6 million, which reversed a troubling eight-day streak of outflows, during which $1.2 billion left the market.
Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach
| August 23, 2024 | IBIT | FBTC | BITB | ARKB | BTCO | EZBC | BRRR | HODL | BTCW | GBTC | BTC | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fee | 0.21% | 0.25% | 0.20% | 0.21% | 0.25% | 0.19% | 0.25% | 0.20% | 0.25% | 1.50% | 0.15% | |
| August 26, 2024 | 224.1 | (8.3) | (16.6) | 0.0 | 0.0 | 5.5 | 0.0 | (7.2) | 5.1 | 0.0 | 0.0 | 202.6 |
| August 27, 2024 | 0.0 | 0.0 | (6.8) | (102.0) | 0.0 | 0.0 | – | 0.0 | 0.0 | (18.3) | 0.0 | (127.1) |
| August 28, 2024 | 0.0 | (10.4) | (8.7) | (59.3) | 0.0 | 0.0 | 0.0 | (10.1) | 0.0 | (8.0) | (8.8) | (105.3) |
| August 29 | (13.5) | (31.1) | (8.1) | 5.3 | 0.0 | 0.0 | (1.7) | 0.0 | 0.0 | (22.7) | 0.0 | (71.8) |
| August 30, 2024 | 0.0 | (12.9) | (16.4) | (65.0) | (11.1) | 0.0 | 0.0 | 0.0 | 0.0 | (70.2) | 0.0 | (175.6) |
| September 2, 2024 | – | – | – | – | – | – | – | – | – | – | – | 0.0 |
| September 3, 2024 | 0.0 | (162.3) | (25.0) | (33.6) | (2.3) | (8.4) | (2.5) | (3.3) | 0.0 | (50.4) | 0.0 | (287.8) |
| September 4, 2024 | 0.0 | (7.6) | 9.5 | 0.0 | 0.0 | 0.0 | – | (4.9) | 0.0 | (34.2) | 0.0 | (37.2) |
| September 5, 2024 | 0.0 | (149.5) | (30.0) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (23.2) | (8.4) | (211.1) |
| September 6, 2024 | 0.0 | (85.5) | (14.3) | (7.2) | 0.0 | 0.0 | (4.6) | 0.0 | 0.0 | (52.9) | (5.5) | (170.0) |
| September 9, 2024 | (9.1) | 28.6 | 22.0 | 6.8 | 3.1 | 0.0 | 0.0 | 0.0 | 0.0 | (22.8) | 0.0 | 28.6 |
| September 10, 2024 | 0.0 | 63.2 | 0.0 | 12.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 41.1 | 117.0 |
| Total | 20,908 | 9,516 | 1,950 | 2,292 | 345 | 385 | 521 | 574 | 211 | (20,035) | 375 | 17,043 |
Meanwhile, BlackRock’s iShares Bitcoin Trust has not mirrored this positive trend. For the past 10 trading days, starting August 27, IBIT has recorded no inflows, marking a period of stagnation and occasional outflows. Moreover, on August 29, IBIT noted its second-ever outflow since inception, losing about $13.5 million.
However, these setbacks have not challenged IBIT’s market leadership, as the fund continues to dominate with holdings exceeding $20 billion. Also, IBIT now boasts 661 institutional holders, with 20% of its shares held by these entities. Furthermore, there are over 1,000 institutional investors across all ETFs, as evidenced by two 13F filing periods.
These filings, mandatory quarterly disclosures for institutional investment managers, demonstrate a growing and sustained interest in Bitcoin ETFs.
As these funds gain new capital following a prolonged outflow period, Bitcoin is showing signs of recovery. Since the past weekend, Bitcoin’s price has risen by approximately 6.71%, now hovering around $56,600.
This uptick is closely tied to broader economic indicators that suggest a rise in liquidity, which often benefits Bitcoin due to its sensitivity to liquidity changes.
Julien Bittel, a macro researcher, commented on the situation.
“Liquidity is on the rise again, and Bitcoin – being extremely sensitive to changes in liquidity conditions – has the potential to move explosively as fresh liquidity flows into the system. The macro environment is shifting. A major liquidity wave is now on the horizon, and when it hits, Bitcoin looks primed for a strong push higher in Q4,” Bittel said.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
The Global Money Index (GMI), which measures the volume of money in circulation among consumers and banks, is rising. An increase in the GMI typically signals more available funds, which could lead to increased Bitcoin purchases.
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