BlackRock’s iShare Bitcoin Trust (IBIT) reported its first daily net inflow in three weeks, bringing U.S. bitcoin ETFs to a total net inflow of $12.8 million, data confirms Farside Investors.

BlackRock’s Bitcoin ETF Attracts Net Capital Inflows. What About Other ETFs?

BlackRock entered the bitcoin ETF market as the U.S. Securities and Exchange Commission (SEC) approved IBIT in January 2024

Hailed as the world’s largest asset manager with $9 trillion in total assets under management (AUM), BlackRock welcomed its entry into the emerging crypto ETF ecosystem with great enthusiasm as it not only brought a degree of sophistication but also demonstrated institutional acceptance into the industry.

Yesterday, the asset manager’s regulated financial product attracted $15.8 million in daily net inflows, the first such instance since August 26, 2024. The net inflow into IBIT was vast enough to push the broader US spot Bitcoin ETF market towards the green zone, with a total net inflow of $12.8 million.

IBIT’s three weeks without any daily net inflows consisted of 11 days with zero flows, while two days – August 29 and September 9 – saw daily net outflows of $13.5 million and $9.1 million, respectively.

Looking at efficiency Among other spot Bitcoin ETFs, Grayscale’s GBTC product saw a daily net outflow of $20.8 million. Meanwhile, Fidelity’s FBTC, Franklin Templeton’s EZBC, and VanEck’s HODL saw daily net inflows of $5.1 million, $5 million, and $4.9 million, respectively.

According to data from crypto ETF tracker SoSoValue, BlackRock’s IBIT reigns supreme among U.S. spot Bitcoin ETFs, with an enviable $20.9 billion in cumulative net inflows since the product’s inception earlier this year. FBTC has $10.1 billion, Ark and 21Shares’ ARKB with $2.6 billion, and Bitwise’s BITB with $2.2 billion.

GBTC, on the other hand, has seen a cumulative net outflow of $20 billion. Analysts blame the exorbitant 1.5% product fee as the main reason for GBTC’s performance to date. By comparison, IBIT has a fee of 0.21%.

Ethereum Spot ETFs Continue Their Underperformance

While spot Bitcoin ETFs ended the day with a total net inflow of $12.8 million, spot Ethereum ETFs experienced The total net outflow was USD 9.4 million.

Similar to the Bitcoin ETF, Grayscale’s Ethereum ETF (ETHE) saw a daily net outflow of $13.8 million, followed by Bitwise’s ETHW with a net outflow of $2.1 million. Only Grayscale’s mini Ethereum ETF (ETH) managed to attract a net inflow of $2.3 million.

Since their approval in May 2024, Ethereum ETFs have not performed as well as Bitcoin ETFs in attracting significant capital inflows.

Ethereum ETFs’ Indigent Performance Is Reflected in Digital Asset’s Price That Continues to Rise not meet expectations versus Bitcoin. Ethereum is trading at $2,307 at the time of publication, up a modest 0.6% over the past 24 hours.

Featured image from Unsplash, chart from Tradingview.com