Spot Bitcoin exchange-traded funds have achieved a significant milestone by turning their year-to-date net flows positive, a reversal from months of heavy withdrawals earlier in 2024. The funds experienced their strongest five-day trading period in nearly a year during the final week of September, attracting approximately $2.4 billion in net inflows.
This turnaround is particularly notable given the steep losses recorded earlier in the year. May saw $2.43 billion in net withdrawals, followed by a more severe decline of $4.5 billion in June. The recent shift to positive flows represents a substantial recovery from those periods.
However, recent weekly data reveals a more mixed picture. In the most recent week tracked, Bitcoin ETFs recorded approximately $83 million in net inflows, a significant decline from the $2.39 billion influx the week prior. The week itself showed daily volatility, with $31.07 million and $66.19 million in inflows early in the period, before investors withdrew $148.69 million on Wednesday despite lower-than-expected inflation data. Inflows resumed Thursday with $102.67 million, followed by $31.7 million on Friday.
Ethereum ETFs, tracking the second-largest cryptocurrency, have moved in the opposite direction. The week ending late September concluded with approximately $114 million in net outflows. This represents the second consecutive week of withdrawals out of the past three weeks tracked, presenting a contrasting trend to Bitcoin's recent gains.
Despite the recent outflows, cumulative net inflows for Ethereum ETFs remain substantial at $13.80 billion, down marginally from a recent peak of $13.94 billion. One of the three weeks reviewed showed notable strength, with nearly $690 million in net inflows, suggesting investors continue to maintain positions in the funds despite recent withdrawal pressure.
