U.S. spot Bitcoin ETF recorded a net inflow of $730.9 million on September 3, marking the largest single-day inflow since mid-January this year. As funds flowed back in, Bitcoin also rebounded, driving the total net assets of such products to $103.34 billion, which accounts for about 6.32% of Bitcoin's total market value.
BlackRock products contributed the most.
Looking at individual products, iShares and Bitcoin Trust (as well as IBIT) under BlackRock attracted $454 million, becoming the largest source of funds for the day. The ARKB of Ark had a net inflow of $138 million, while Fidelity's FBTC had a net inflow of approximately $74 million.
- The HODL of VanEck has seen a outflow of nearly 20 million US dollars.
- WisdomTree's BTCW has seen an outflow of approximately 5 million US dollars
- Cumulative net inflow rises to $55.44 billion
According to the data from SoSoValue, this is the strongest single-day performance since January 14th. At that time, US spot Bitcoin ETF attracted a daily inflow of $843.6 million. Since its listing in January 2024, the cumulative net inflow for these products has increased to $55.44 billion.
Just experienced redemption on the previous trading day.
Before this round of large-scale inflows, market volatility was still evident. On September 1st, a total of $236 million in spot Bitcoin ETF flowed out of the US market, of which one product, IBIT, accounted for approximately $201 million.
By September 2, funds had turned back to a net inflow, with approximately $101 million being attracted on that day. IBIT received around $115 million in subscriptions, which offset some of the outflows from other products. Subsequently, on September 3, the overall inflow scale further increased.
The report indicates that on September 3, the inflow volume exceeded any single-day level during the 11 consecutive trading days of net inflow in late August, showing a significant increase in institutional buying in a short period of time.
ETF Buying orders in sync with spot market rebound
When capital flows back, the price of Bitcoin also strengthens. Reports mention that Bitcoin ETF listed in the United States generally rose by 5.7% to 5.9% during the trading session on that day.
QCP Capital Previously, it was indicated that during the rise of Bitcoin from around $63,500 to above $80,000, spot buy orders were the main support, while futures positions actually decreased. The data shows that the open interest in futures fell from 646,000 contracts BTC to 588,000 contracts BTC, which means that this round of increase was not mainly driven by the expansion of leveraged positions.
During this period, US spot Bitcoin ETF attracted $2.8 billion in capital inflows for 8 consecutive trading days. The report also mentioned that in the most recent five-day period, Bitcoin ETF accounted for approximately 73% of the relevant crypto ETF capital flows, while spot Ethereum ETF attracted about $697.47 million during the same time.
IBIT remains the main source of increment
In the longer term, BlackRock IBIT remains the main source of growth for the US spot Bitcoin ETF market. According to reports, on August 26th, the net assets of this fund reached $60.52 billion, and its scale has further expanded following the recent continued upward trend of Bitcoin and the ETF increase in asset prices.
Earlier this year, such products also experienced continuous outflows. Before July, spot Bitcoin in the United States ETF saw a net outflow for 8 consecutive weeks, with a total outflow of $527 million over the first four trading days of July 2. Subsequently, the financial situation gradually improved, and on July 2, there was a net inflow of $221.7 million in a single day. After that, BlackRock once again became the main product attracting funds.
Overall, the daily capital flow of spot Bitcoin in the United States ETF still experiences significant fluctuations, but during the rebound phase of Bitcoin, the demand from institutions through ETF configuration remains strong.
