In Q4 2024, US Spot Bitcoin ETFs got off to a tough start, seeing weekly inflows of over $300 million. This negative trend was exacerbated because Bitcoin was down over 6% in its first five days of October according to data from SoSoValue.
Cumulative net flows in the first week of the quarter out of spot Bitcoin ETFs totaled $301.54 million, ending a three week series of positive returns. The ETFs went from a net inflow of $61.30 million on September 30 to net outflows as Bitcoin’s price tumbled due to increasing geopolitical tensions in the Middle East.
Bitcoin ETFs Draw Investments
The three consecutive days of losses netted $388.42 million in negative outflows. Earlier losses though, could not be fully reversed as the market moved in to a $25.59 million inflow on October 4. This setback doesn’t deter analysts who continue to expect spot Bitcoin ETFs to continue to attract investments – given forecasts that a Bitcoin bull is imminent.
Clubbed with the launch of the spot BTC ETFs in January, the spot BTC ETFs have been delivering a speculative performance across ETF launches in 2024. To date, they have accrued $18.50 billion in net inflow, equivalent to 4.68 percent of BTC total supply.
Grayscale’s GBTC and Fidelity’s FBTC are currently in second and third place with $13.75 billion and $11.09 billion, respectively, behind $22.91 billion assets managed by BlackRock’s IBIT. US spot Ethereum ETFs also had net weekly outflows of $30.69 million — a streak of negative weeks since mid-August.
The debut of these ETFs has been more challenging however, recording $553.66 million in total net outflows. While that’s the case, they have $6.6 billion in assets and are currently holding 2.28% of Ethereum’s circulating supply.
Meanwhile, BTC is currently trading at $62,062, and Ethereum at $2,414 with only a small amount of price movement over the day.
