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Cryptocurrency News Articles
Bitcoin (BTC) ETFs Remove Nearly Five Times Daily Supply as Ethereum (ETH) ETFs See Strong Rebound
Sep 25, 2024 at 05:10 pm
Ether ETFs experienced a $62.5 million inflow, marking its third-largest day since launch.
Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. are playing a role in boosting supply scarcity in the crypto market.
Bitcoin ETFs saw an inflow of $136.0 million on Sept. 24, the latest data from Farside Investors showed. Leading the surge was BlackRock's IBIT ETF, which saw a large inflow of $98.9 million, the biggest since Aug. 26. IBIT's total net inflows now stand at over $21 billion, continuing its dominance in the market. Other notable contributors included Fidelity's FBTC, which saw $16.8 million in net inflows, and Bitwise's BITB, which attracted $17.4 million.
Significantly, the inflows on Sept. 24 were equivalent to 2,132 BTC, with IBIT accounting for 1,548 BTC, data from HeyApollo showed. Considering the current daily issuance of Bitcoin is around 450 BTC, these inflows are removing nearly five times the daily mined supply from the market.
Overall, bitcoin ETF inflows have reached $17.8 billion, underscoring continued investor interest in these investment vehicles.
Ethereum ETFs saw a total inflow of $62.5 million on Sept. 24, marking the third-largest day for ether ETF inflows since launch. BlackRock's ETHA led the inflows with $59.3 million, the largest since Aug. 9. This rebound came just a day after ether ETFs saw their largest outflows since July, highlighting the volatility in the crypto markets.
Despite the large inflows on Monday, total outflows from ether ETFs stand at $624.4 million, reflecting the broader uncertainty investors have had with ether compared to bitcoin.
Bitcoin is trading at $63,803 and ether at $2,624 by press time, according to CoinDesk data.
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