Key Points
- Spot Bitcoin exchange-traded funds (ETFs) in the U.S. received $31 million in net inflows on Tuesday.
- U.S. issuers are preparing to launch spot Ethereum ETFs following tentative approval from the SEC.
Spot Bitcoin ETFs in the United States ended a seven-day streak of net outflows by attracting a net inflow of $31 million on Tuesday.
Details of the Inflows
The 11 Bitcoin funds, which started in January, have garnered a total net inflow of $14.42 billion as of Tuesday. Fidelity’s FBTC led the inflows, with $49 million, followed by Bitwise’s BITB with $15 million, according to SoSoValue data. VanEck’s HODL also saw net inflows of $4 million.
However, not all funds experienced inflows. Grayscale’s GBTC saw net outflows of $30.3 million, while Ark Invest and 21Shares’ ARKB reported $6 million in net outflows. BlackRock’s IBIT, the largest spot Bitcoin fund in terms of net asset value, recorded zero flows despite a daily trade volume of $1.1 billion on Tuesday. Other funds from Invesco and Galaxy Digital, Valkyrie, and Franklin Templeton also recorded zero flows.
Ethereum ETFs on the Horizon
In other developments, U.S. issuers are gearing up to launch spot Ethereum ETFs. This follows a soft approval from the Securities and Exchange Commission last month. Firms filed amended S-1 registration statements last week, indicating progress in this direction.
Matt Hougan, Chief Information Officer at Bitwise, anticipates that spot Ethereum ETFs could accumulate $15 billion in net inflows in the first 18 months after their U.S. launch.