US spot bitcoin ETFs return to positive flows, adding $28 million

Reported by The Block: Fidelity’s FBTC led the inflows in spot bitcoin ETFs on Monday.

Spot ether ETFs continued their negative streak with a fifth consecutive day of net outflows.

Spot bitcoin exchange-traded funds in the U.S. ended their eight-day streak of negative flows on Monday, reporting $28.72 million in net inflows.

Fidelity’s FBTC led the pack of inflows yesterday with $28.6 million, followed by Bitwise’s BITB, which saw inflows of $21.99 million, according to SoSoValue data.

Ark Invest and 21Shares’ ARKB reported smaller inflows of $6.81 million, while Invesco’s BTCO saw $3.14 million flow into the fund.

Monday’s inflows were offset by $22.76 million in outflows from Grayscale’s GBTC.  BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, recorded $9.06 million in net outflows.  IBIT has seen outflows or zero flows since Aug. 26.

The 12 bitcoin ETFs recorded $1.61 billion in total daily trading volume on Monday, down from $2.39 billion last Friday.  They have accumulated $16.92 billion in net inflows since launching in January.

While spot bitcoin ETFs saw higher volumes and larger inflows during their peaks in March, Bitwise CIO Matt Hougan recently said that “investment advisors are adopting bitcoin ETFs faster than any new ETF in history.”  Hougan cited data showing BlackRock’s spot bitcoin fund has attracted $1.5 billion from investment advisors.

Ether ETFs continued to see outflows
Spot Ethereum ETFs in the U.S. saw another day of net outflows, totaling $5.20 million.  Monday marked the fifth consecutive day of negative flows.

Grayscale’s ETHE reported $22.64 million in net outflows, SoSoValue data showed.  It was the only spot ether ETF to record outflows on Monday.  The Grayscale Ethereum Mini Trust (ETH), on the other hand, logged $7.97 million in inflows.

Fidelity’s FETH had $7.62 million in inflows, and Bitwise’s ETHW recorded $1.85 million in net inflows.

The total daily trading volume for the nine ETFs shrank to $124.51 million on Monday, compared to $210.43 million last Friday.  Their cumulative net flows remained negative, with $573.49 million in net outflows.

Markets are now looking toward the first U.S. presidential election debate between Donald Trump and Kamala Harris, set to take place on Tuesday, as cryptocurrency has become one of the major election topics.