Weekly Overview: Bitcoin and Ethereum ETF Flows (Sep. 28–Oct. 2)

Bitcoin ETFs See Modest Inflows Amid Ethereum Outflows

Date: October 3, 2023

In a week marked by contrasting fortunes for cryptocurrency exchange-traded funds (ETFs), U.S. Bitcoin ETFs recorded provisional net inflows of $82.9 million from September 28 to October 2, according to data from Farside Investors. This figure represents a significant decline from the previous week’s staggering inflow of $2.39 billion. Meanwhile, Ethereum ETFs faced a challenging week, posting $118 million in net outflows, reversing the trend of the prior week when they attracted nearly $690 million.

Bitcoin ETFs: A Mixed Bag

Bitcoin ETFs began the week on a positive note, with $31 million in net inflows on Monday, followed by $66.2 million on Tuesday. However, Wednesday saw a sharp withdrawal of $148.7 million, dampening the overall weekly total. Thursday brought a rebound with $102.7 million in inflows, and Friday added another $31.7 million. Notably, BlackRock’s IBIT fund led the charge, recording $292 million in net inflows from Monday to Thursday, with its largest intake of $195.6 million occurring on October 1.

Despite the positive inflows, the overall sentiment appears cautious as investors await the final figures for BlackRock’s IBIT and other funds, which remained incomplete as of October 3.

Ethereum ETFs: A Sharp Reversal

In stark contrast, Ethereum ETFs began the week with a modest $17.1 million in net inflows but quickly turned negative. Withdrawals escalated throughout the week, culminating in a provisional $17.3 million outflow on Friday. Fidelity’s FETH was a significant contributor to the losses, recording $74.1 million in net outflows, while Grayscale’s ETHE lost $27.9 million.

This downturn follows a robust week from September 21 to 25, during which Ethereum ETFs enjoyed inflows of $689.8 million, including a remarkable $270 million on the first day.

Solana and Other ETFs: A Mixed Performance

Solana ETFs also experienced a downturn, with net inflows shrinking to $800,000, down from $188.1 million the previous week. The week was characterized by fluctuating inflows and outflows, with Bitwise’s BSOL recording the largest positive session at $9.7 million on Monday.

Meanwhile, Hyperliquid ETFs managed to attract $3.4 million in net inflows, while Zcash’s tracked fund faced significant withdrawals, losing $77.6 million over the week.

Conclusion

As the cryptocurrency market continues to evolve, the recent data highlights the volatility and shifting investor sentiment surrounding digital assets. While Bitcoin ETFs have shown resilience, Ethereum’s recent struggles raise questions about future performance. Investors will be closely monitoring upcoming trends as the market adapts to ongoing developments.