Spot Bitcoin ETFs Records an Inflow of $12.8 Million Yesterday

The total net inflow for Spot Bitcoin ETF as of September 16, 2024 (Eastern Time) was $12.8 million. That has pushed the cumulative historical net inflow to $17.31 billion. BlackRock has the largest contribution, with a total net inflow of $20.92 billion, which is likely to reach $21 billion by the end of this week if there is no heavy negative flow from IBIT. The net asset ratio is now 4.61%, with a total net asset value of $52.57 billion.

IBIT recorded a net inflow of $15.8 million. It almost balanced the outflow from Grasyscale’s GBTC, worth $20.8 million. Other BTC ETFs that reported inflows were FBTC, EZBC, and HODL. Their values were $5.1 million, $5 million, and $4.9 million, applicable in the same order. Grayscale’s BTC Trust registered an inflow of $2.8 million to further contribute to the positive.

The third consecutive day of inflows occurred on September 16, 2024. The trend commenced on September 12, 2024, with a positive flow of $39 million, which was followed by a $263.2 million flow the following day. It was the last occasion it recorded an outflow, totaling $43.9 million, on September 11, 2024. All ETFs, when combined, are away from the maximum inflow of $1.04 billion.

That said, BTC is trading at $58,676.87, down by 0.40% in the last 24 hours. The 24-hour trading volume has increased by 14.46%, but it’s unclear if the token value will follow suit. It will eventually mark upticks; however, the timeline is likely to stretch to the end of this year. One possibility is that BTC may exchange hands at $100,000 when the year ends. An alternate possibility is that it will go as high as $150,000.

That is fueled by speculation that there are delayed effects of Bitcoin Halving. Also, the Federal Reserve is expected to make a 25 bps rate cut for the first time since 2019. This will allow investors to inject liquidity through their investments.

On the same day, Spot Ether ETFs accumulated a net outflow of $9.4 million. BlackRock recorded an inflow worth $4.2 while Bitwise and Grayscale reported net outflows of $2.1 million and $13.8 million, respectively. The historical cumulative net outflow for Spot Ether ETFs stands at $590.8 million as of September 16, 2024 (Eastern Time).

It is uncertain whether the quantity and nature of flows will be further affected by rate cuts in the case of Spot Bitcoin ETFs. Inflows are being marked by Spot BTC ETFs on a consistent basis. Another day could make it a series of 4 consecutive days. Enthusiasts are more willing to see another historic moment like that on September 13, 2024, when Grayscale’s GBTC recorded a net inflow of $6.7 million. It has generated a maximum of $63 million in positives at one point in time.