Spot exchange-traded funds tracking the largest cryptocurrency attracted nearly $1 billion last week, despite the $236 million in net outflows recorded on September 1.
Ethereum ETFs were also well in the green. They have recorded more entries than exits in eight of the last nine weeks.
BTC ETFs see another $1 billion in inflows
The previous business week ended with a net outflow of $201.81 million from spot BTC ETFs, but the overall performance was quite impressive. Inflows over the other four days offset all of Friday’s losses and the week ended with a net gain of $924.48 million. Thus, the funds relied on the significant inflows of $1.92 billion from the previous week.
August ended with net inflows of $216.70 million, followed by $236.46 million in net outflows on September 1. Investors changed positions over the next three days attracting $101.15 million on Wednesday and $174.60 million on Friday. Thursday was particularly spectacular as funds gained $730.87 million, the highest amount since January.
Thus, the total figure for the week was $986.85 million, bringing the cumulative net inflows to $55.62 billion. Remember that this figure had dropped to $51.79 billion in mid-August.
BlackRock’s IBIT remains the undisputed leader in the ETF space, with cumulative net assets exceeding $62.6 billion. Fidelity’s FBTC follows suit with $14.07 million, followed by Grayscale’s largest fund, GBTC, with $10.36 billion.
ETH ETFs in green too
Given their size, spot Ethereum ETFs have performed even better in recent weeks. As mentioned above, they’ve only had one red week since the beginning of July, and even that has been quite modest, with just $2.26 million in net inflows through mid-August.
Financial vehicles earned $824.42 million during the week ended August 28, and another $218.41 million during the first week of September. Thursday was once again the biggest day in terms of net inflows, with $141.39 million coming into the funds. Another $87.68 million was brought in on Monday, $10.95 million on Tuesday and $26.46 million on Friday. The only red day was Wednesday with $48.08 million.
Cumulative total net inflows increased from $10.89 billion in early July to $13.19 billion on September 4.
The article Bitcoin ETFs Raise Nearly $1 Billion as Ethereum Funds Keep Streak Alive appeared first on CryptoPotato.