Bitcoin and Ethereum ETFs in the US total $1 billion in inflows

• Bitcoin ETFs Lead With $934 Million in One Day
• Ethereum records largest inflow since February with $110 million
• BlackRock's IBIT boosts cumulative flow in 2024

US-traded Bitcoin and Ethereum spot ETFs attracted combined net inflows of $1,05 billion on Thursday (23), marking the highest daily volume since January, according to data from the  CoinGlass . The movement coincides with the recent appreciation of BTC and ETH, extending the positive sequence of these funds in the cryptocurrency market.

BlackRock’s Bitcoin fund IBIT led the way with $877,2 million inflows on the day, while Fidelity’s FBTC and Ark Invest’s ARKB ETFs added $48,7 million and $8,9 million, respectively. None of the other Bitcoin funds saw net inflows on the day.

Since the start of their operations in January 2024, Bitcoin ETFs have already added $44,6 billion in cumulative inflows. In the last seven days alone, $3,2 billion was added, with a total of $9,1 billion inflows in 2024.

IBIT has even entered the group of the five largest ETFs in annual flow, with more than US$7,7 billion raised since April. Analyst Eric Balchunas called the feat “Full Pac-Man”, in reference to the manager’s growing dominance in the sector.

On the same day, Ethereum ETFs recorded their largest net inflow since February, with $110,5 million. The highlights were Grayscale's ETHE and ETH funds, which raised $43,7 million and $18,9 million, respectively. Fidelity's FETH totaled $42,2 million, followed by Bitwise's ETHW with $5,7 million. BlackRock's ETHA, however, saw no inflows.

Ethereum ETFs are on their fifth consecutive positive day, accumulating US$211,8 million in the period. Total net flows for these products total US$61,9 million this year, with a cumulative US$2,7 billion since launch.

“ETF inflows were exceptionally strong yesterday — both figures significantly exceeded recent daily averages,” said Valentin Fournier, chief research analyst at BRN. Michael Harvey of Galaxy, meanwhile, pointed out that some of the demand could be linked to the sale of seized assets by governments and profits by retail investors, although institutional buying is predominant.