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Bitcoin and Ethereum ETFs Run Green — BTC Nears $65K

Bitcoin and Ethereum ETFs Run Green — BTC Nears $65K

CCNCCN2024/09/23 12:24
By:CCN
Key Takeaways
  • Bitcoin ETFs command $57.47 billion in BTC or 4.63% of its market cap.
  • Ethereum ETFs have $6.92 billion in net assets or 2.26% of ETH’s market cap.
  • Grayscale’s primary ETF outflows now total $22.84 billion.

U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have seen combined positive inflows as bullish sentiment floods the markets.

Bitcoin ETFs

A ccording to data from SoSoValue, Bitcoin ETFs wrapped up last week with another day of inflows, posting a combined $92 million in net inflows on Sept. 20, 2024.

Bitcoin and Ethereum ETFs Run Green — BTC Nears $65K image 0 Bitcoin ETF flows. Source: SoSoValue

Fidelity’s Wise Origin Bitcoin Fund (FBTC) secured $26.12 million in net inflows, edging the fund closer to $10 billion in cumulative net inflows. The ARK 21Shares Bitcoin ETF (ARKB) is just behind, which bagged $21.99 million.

The Bitwise Bitcoin ETF (BITB) bagged $15.08 million in net inflows, as did the Grayscale Bitcoin Mini Trust with a cool $13.37 million.

The Valkyrie Bitcoin Fund (BRRR) had a rare day of inflows, netting $5.17 million. Similarly, the Invesco Galaxy Bitcoin ETF (BTCO) posted a modest $3.14 million in net inflows. All other funds, including the Grayscale Ethereum Trust (GBTC), posted neutral flows.

Ethereum ETFs

Looking at Ethereum ETFs, SoSoValue data reveals that funds have reached a rare second day of consecutive net inflows, with funds bagging a modest total of $2.87 million on Sept. 20, 2024.

Bitcoin and Ethereum ETFs Run Green — BTC Nears $65K image 1 Ethereum ETF flows. Source: SoSoValue

Unfortunately, it’s not a particularly impressive showing, as just one fund posted inflows. Interestingly, it was Grayscale’s Ethereum Mini Trust, which netted $2.87 million.

Having launched alongside the Grayscale Ethereum Trust (ETHE) and others as a spin-off with a significantly more competitive management fee of 0.15%, the mini fund has failed to capture outflows from ETHE, which bears a fee of 2.5%.

Both Grayscale’s primary Bitcoin and Ethereum funds have seen a combined outflow of $22.84 billion, which is a disaster for any fund.

Bitcoin (BTC) Price

Today, BTC is trading at $63,646 with a market cap of $1.25 trillion. Although there were many concerns that the historically bearish month of “ Redtember ” would push BTC to fresh lows, the reigning king of crypto has returned to form in recent days.

Bitcoin struggled to recapture $60,000 after a major price decline toward the end of August. The price tumbled as low as $54,000. Bitcoin’s price meandered until Sept. 17, when a decisive push from BTC bulls rallied the crypto above $60,000.

Bolstered by the news on Sept. 19 that the U.S. would be cutting interest rates , crypto markets saw heightened trading volumes. This aided in pushing BTC above $60,000, where it should—hopefully—remain.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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