On September 14, 2024, U.S. spot Bitcoin ETFs saw a massive surge in inflows, with net purchases totaling $263 million, marking the largest single-day increase since July 22.
This influx was driven by the rise of Bitcoin’s price, which climbed above $60,000, prompting renewed interest from investors. Notably, Fidelity’s Bitcoin ETF led the pack, attracting $102 million of the total inflows.
ARK Invest and 21Shares followed closely, with their Bitcoin ETF garnering approximately $99 million. The broader crypto market also rallied during this period, with other funds like those from Bitwise, Franklin Templeton, and Grayscale also recording positive inflows.
Despite the strong performance of these funds, not all ETFs benefited equally. For instance, BlackRock’s iShares Bitcoin Trust and WisdomTree’s Bitcoin Fund saw no inflows during this surge, with BlackRock even experiencing recent outflows on several occasions.
The overall increase in inflows reflects the growing optimism in the crypto market, supported by favorable macroeconomic factors, such as the anticipation of potential interest rate cuts by the U.S. Federal Reserve. This positive sentiment also extended beyond Bitcoin, as altcoins like Ethereum and Toncoin posted notable gains
