Key Points
- Bitcoin ETFs experience renewed inflows, with BlackRock’s IBIT recording a $15.8 million inflow on 16th September.
- Major ETF inflows positively influenced Bitcoin’s price, pushing it above $60K.
Renewed Inflows in Bitcoin ETFs
A shift was recently observed in the Bitcoin [BTC] ETF market. From a consistent streak of outflows, the market moved to days of renewed inflows. This trend started on the 12th of September.
BlackRock’s IBIT Attracts Attention
BlackRock’s iShares Bitcoin Trust [IBIT] drew significant attention after weeks of zero activity. On the 16th of September, IBIT recorded an inflow of $15.8 million, marking its first daily net inflow in three weeks. According to Farside Investors, this contributed to a combined net inflow of $12.8 million for U.S. spot BTC ETFs. However, this surge was short-lived as IBIT returned to zero inflows the next day.
On the 17th of September, several major Bitcoin ETFs experienced notable inflows, signaling renewed investor interest. Fidelity’s FBTC led the pack with an impressive $56.6 million inflows, followed by Bitwise’s BITB at $45.4 million and Ark’s ARKB at $42.2 million. Meanwhile, Grayscale’s GBTC remained stagnant, recording zero flows during the same period.
Community Reactions and Impact on Bitcoin’s Price
The community reacted positively to these developments. One user commented on the significant increase in Bitcoin holdings by U.S. ETFs, signaling strong institutional confidence. Another user noted that the demand is there, setting up for what could be a major catalyst in the coming months. This underscores the community’s continued confidence in BTC ETFs, even in the face of zero flows from prominent players like BlackRock and Grayscale.
Reflecting on the past, BlackRock’s entry into the emerging crypto ETF space generated significant excitement among investors. With $9 trillion in assets under management, BlackRock’s entry into the market saw a boost in institutional trust and a polished perspective, driving forward the adoption of cryptocurrency ETFs.
While Bitcoin ETFs experienced notable inflows, BTC itself faced challenges breaking the $60K threshold on the 17th of September. However, with the latest surge of 2.96%, BTC was trading at $60,432 at press time, per CoinMarketCap. This upward momentum underscores the positive influence that ETF inflows have had on Bitcoin’s price trajectory, reflecting a potential bullish trend.
