After enduring weeks characterized by significant outflows, Bitcoin and Ethereum ETFs listed in the US experienced a notable resurgence on September 29, attracting over $1 billion in net inflows. This development signals a renewed sense of optimism among investors.
This dramatic shift occurred in conjunction with an overall improvement in cryptocurrency market sentiment and a corresponding increase in asset values.
Bitcoin and Ethereum ETFs See Positive Inflows
Data sourced from SoSoValue reveals that Bitcoin ETFs collectively garnered $521.95 million in inflows. Fidelity’s FBTC ETF was the primary driver, accounting for a substantial portion of the total inflows. FBTC attracted $298.70 million, representing over half of the day’s total net inflows.
Other noteworthy contributors to Bitcoin ETF inflows included Ark 21Shares’ ARKB, which received $62.18 million. Grayscale’s BTC and Bitwise’s BITB each contributed approximately $47 million, while Invesco’s BTCO drew in $35.34 million in new capital.
Additionally, VanEck’s HODL saw inflows of $30.66 million, and Grayscale’s GBTC attracted $26.91 million. Smaller, yet still significant, gains were observed in Franklin Templeton’s EZBC with $16.51 million and Valkyrie’s BRRR with $4.03 million.
Interestingly, BlackRock’s IBIT, the leading Bitcoin ETF, was the only product to experience outflows, registering $46.64 million in withdrawals. This marked the third day of outflows for IBIT in the month of September.
Conversely, Ethereum ETFs performed even more strongly, accumulating a total of $546.96 million in inflows on the same day. Fidelity’s FETH led the way with $202.18 million, followed by BlackRock’s ETHA at $154.20 million.
Grayscale’s ETH and ETHE added $99.84 million and $22.77 million, respectively, while Bitwise’s ETHW experienced inflows of $36.52 million.
Cryptocurrency Market Demonstrates Resilience
These substantial inflows coincided with a notable recovery in cryptocurrency asset values, further confirming the notion that institutional interest is significantly influenced by market performance.
Timothy Misir, head of research at BRN, observed that Bitcoin’s price rebounded, reaching $114,000. This recovery effectively erased the majority of losses incurred the previous week, forming a distinct V-shaped pattern.
According to Misir, Bitcoin investors consistently defended the price range of $110,000 to $111,000, establishing a series of higher lows, which strengthened bullish sentiment.
Misir further stated that resistance is expected between $115,000 and $116,300. He suggested that a period of consolidation within this range is likely before any further upward movement. However, he emphasized that as long as Bitcoin maintains a price above $109,000, the overall momentum remains positive.