Spot Bitcoin ETFs See a $117M Spike in Daily Inflows
Market News

Spot Bitcoin ETFs See a $117M Spike in Daily Inflows

Story Highlights

Spot Bitcoin ETFs in the U.S. saw a big $116.96 million spike in inflows on September 10, which was more than four times the $37.29 million from the day before.

Spot Bitcoin (BTC-USD) ETFs in the U.S. saw a big $116.96 million spike in inflows on September 10, which was more than four times the $37.29 million from the day before, according to SoSoValue. This came after eight days of outflows that had reduced total assets under management by over $1.18 billion. Leading the way was Fidelity’s fund (FBTC), which gained $63.2 million. Meanwhile, Grayscale’s Bitcoin Mini Trust (BTC) and ARK 21Shares (ARKB) pulled in $41.1 million and $12.7 million, respectively.

Spot Ether (ETH-USD) ETFs also turned things around on the same day and ended five straight days of outflows by bringing in $11.4 million. Nevertheless, Ether ETFs have seen a total net outflow of $562.06 million this year, which suggests that interest from institutional investors may be waning. In fact, VanEck and WisdomTree (WT) have pulled back from Ethereum ETF plans.

In addition, both Bitcoin and Ethereum ETFs saw a decrease in trading volume, with Bitcoin ETFs falling 56% to $712.25 million and Ether ETFs dropping to $102.87 million.

Is ETH Going to Boom?

As institutional interest in Ethereum begins to fade, some might wonder if this is a buy-the-dip opportunity. When using TipRanks’ technical analysis tool, the indicators seem to point to a negative outlook for Ethereum in the near term. Indeed, the summary section pictured below shows that four indicators are Bullish, compared to six Neutral and 12 Bearish indicators.

See more ETH-USD technical indicators

However, it’s worth noting that Ethereum has outperformed both the SPDR S&P 500 ETF Trust (SPY) and Bitcoin since 2019, according to data from TipRanks. In fact, $10,000 invested in Ethereum would be worth more than $165K today compared to over $146K for Bitcoin and almost $22K for SPY, as per the image below. Although past performance isn’t indicative of future results, the fact that ETH is smaller than Bitcoin does provide it with the potential to continue outperforming.

Related Articles
TheFlyWisdomTree management to meet with Craig-Hallum
TheFlyWisdomTree participates in a conference call with Northland
Go Ad-Free with Our App