Data from SoSoValue, a Singaporean data analytics company, shows that U.S.-based Bitcoin spot exchange-traded funds recorded total net inflows of $28.72 million on September 9. The Bitcoin ETFs recorded the inflows after an extended period of outflows since August 27.
Bloomberg reported that the U.S. spot Bitcoin ETFs experienced the largest outflows since their January launch. The top 11 BTC spot ETFs had cumulative net outflows of $1.2 billion from August 27 to September 6.
Bitcoin notably experienced significant price volatility at the beginning of the month. The coin traded at about $64,000 on August 26, but its price declined to around $53,491 on September 7, translating to a price decline of over 16% in under 2 weeks.
Bitcoin’s price has since rebounded, at $57,077 at the time of writing, a 3.10% increase from yesterday. Data from CoinMarketCap also shows that Bitcoin’s trading volume has increased in the past 24 hours to $33.822 billion, a 45.83% increase from yesterday.
BlackRock’s Bitcoin ETF IBIT recorded outflows
Data from Farside Investors showed that BlackRock’s IBIT spot Bitcoin ETF still had outflows despite other ETFs recording inflows. The data indicated that IBIT had total net outflows of $9.1 million on September 9.
The outflow was the third the ETF has recorded this year, with the first occurring in May and the second on August 29. The first outflow on May 1 saw $37 million withdrawn from the fund, while the second on August 29 saw $13.5 million in withdrawals.
Grayscale’s Bitcoin spot ETF, GBTC, also recorded major outflows of $22.9 million on September 9. Updated data from the fund shows that assets under management have reduced to 222,700 BTC compared to the earlier figure of 620,000 BTC. The losses have reached over 60% since the trust fund became an ETF.
Other funds, including Fidelity, Bitwise, ARK 21Shares, and Invesco Galaxy BTC ETFs, recorded inflows of $28.6 million, $22.0 million, $6.8 million, and $3.1 million, respectively.
Matt Hougan says investment advisors have a high BTC spot ETF adoption
Jim is wrong here: Investment advisors are adopting bitcoin ETFs faster than any new ETF in history.
Let's look at his own data, focused on IBIT, the BlackRock ETF.
Per his table, IBIT has attracted $1.45 billion in net flows from investment advisors. He calls this "small"… https://t.co/0Sis9lIWDp
— Matt Hougan (@Matt_Hougan) September 9, 2024
Bitwise’s Chief Information Officer Matt Hougan defended investment advisors, mentioning that their adoption of spot Bitcoin ETFs was higher than in any other ETFs. Matt tweeted his opinion in response to a post by Bianco Research’s Jim Bianco on September 9.
Bianco discussed the rate of adoption of spot Bitcoin ETFs by investment advisors as small. Matt explained that Bianco’s discussion only examined the fraction investment advisors contributed to the net flows into BTC ETFs. Matt went on to mention that looking at the $1.4 billion investment advisors injected into IBIT, the figures would make the fund the second-fastest growing ETF launched this year.
Matt further explained that the historic numbers from other investors overshadow the contribution of investment advisors. He finished by saying that it was safe to say that investment advisors only represent a small number of investors buying spot Bitcoin ETFs.
