Spot Bitcoin ETFs Record $870 Million Net Inflows, With BlackRock’s IBIT Leading at $642 Million

Bitcoin spot ETFs in the U.S. saw their biggest daily inflows since June.The total inflow reached $870 million, driven mainly by BlackRock's IBIT ETF.

The event also saw a significant increase in trading volume for all Bitcoin ETFs, hitting $4.75 billion.

BlackRock's IBIT Dominates Bitcoin Inflows

According to SoSoValue, BlackRock's IBIT ETF played a central role in Tuesday's record inflows for Bitcoin ETFs in the U.S. The $642.87 million flowing into IBIT marked its highest single-day inflow in over seven months.

This surge in investment shows the continued investor interest in Bitcoin, especially amid the broader market fluctuations.

IBIT's trading volume also spiked, reaching $3.36 billion on Tuesday, its highest since March 14. This surge in trading activity is significant because trading volumes usually increase during market downturns.

However, with Bitcoin's price rising 4% during the same period, some analysts pointed to a potential FOMO" (fear of missing out) frenzy driving the volume.

ETF analyst Eric Balchunas remarked on the unusual spike in IBIT's volume. In a post on X, he explained, ETF volume spikes are typical during crises, but this was during an uptrend."

He added, Given Bitcoin's price surge in recent days, it's likely this is a FOMO-driven increase. We could see more big inflows soon."

Other Bitcoin ETFs See Meager Inflows

While IBIT took the lion's share of Tuesday's inflows, other Bitcoin ETFs in the U.S. also saw smaller net gains. Fidelity's FBTC ETF recorded $133.86 million in net inflows, the second-largest after BlackRock's IBIT. Bitwise's BITB ETF came in next with $52.49 million in new investments.

Other ETFs like VanEck's HODL ETF and Ark and 21Shares' ARKB ETF reported smaller gains, logging $16.52 million and $12.39 million, respectively. However, not all Bitcoin ETFs saw positive inflows.

Five Bitcoin spot ETFs recorded no new flows on Tuesday, reflecting the uneven nature of investor sentiment.

Despite these mixed results, the overall performance of the 12 Bitcoin ETFs in the U.S. was impressive. The total trading volume for these ETFs surged to $4.75 billion on Tuesday, compared to $3 billion the previous day.

Bitcoin Price Continues to Rally

Bitcoin's price continued its upward trend, climbing by 2.18% to trade at $72,477. The cryptocurrency reached a high of around $73,200 earlier in the day, signaling strong market momentum.

This performance positively affected the price of several altcoins. For instance, Dogecoin (DOGE) and Sui (SUI) surged by more 4%aa and 8%, respectively.

While Bitcoin was the main focus on Tuesday, Ethereum ETFs also saw positive net flows. Spot Ethereum ETFs in the U.S. recorded $7.65 million in daily net inflows, with BlackRock's ETHA ETF leading the pack.

ETHA saw $13.62 million in inflows, while Grayscale's ETHE ETF reported net outflows of $5.97 million. The overall trading volume for Ethereum ETFs also expanded, reaching $280.55 million, up from $187.49 million on Monday.

Despite the mixed results across different ETFs, this steady increase indicates growing interest in Ethereum. This bullish sentiment in the market could signal more significant movements in the coming days.

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