U.S Bitcoin ETFs recently saw money coming in again after a long period of money flowing out. Data from SoSoValue, a company based in Singapore, shows that U.S Bitcoin ETFs had net inflows of $28.72 million on September 9.
This comes after weeks of money being pulled out from these funds, which started on August 27 and continued until September 6. Bloomberg noted that these withdrawals were among the biggest since the funds began in January, with the top 11 U.S Bitcoin ETFs losing $1.2 billion in total.
Related: Spot Bitcoin ETFs Saw $1.2B Outflows in 8 days.
U.S Bitcoin ETFs Flow Data
This period of money flowing out happened when Bitcoin’s price was very unstable. On August 26, Bitcoin was around $64,000, but it fell to about $53,491 by September 7, dropping over 16% in less than two weeks. Since then, Bitcoin’s price has begun to rise again, reaching $57,077, which is a 3.10% increase from the day before. Data from CoinMarketCap also shows a big rise in Bitcoin’s trading amount over the past 24 hours, reaching $33.822 billion, up 45.83%.
However, BlackRock’s IBIT ETF kept seeing withdrawals, even though other U.S. Bitcoin spot ETFs saw money coming in. Data from Farside Investors showed that on September 9, the IBIT fund had net outflows of $9.1 million. This was the third time this year money was pulled from the fund.
The first withdrawal was on May 1, when $37 million was taken out, and the second on August 29, with $13.5 million removed. Matt Hougan, Chief Information Officer of Bitwise, talked about how financial advisors are using Bitcoin spot ETFs. He said that advisors are actually more involved with these funds than with other types of ETFs. His comments were in response to Jim Bianco of Bianco Research, who said that advisors have been slow to take up these funds.
Hougan explained that Bianco’s view only looked at the share of net inflows from advisors into Bitcoin ETFs. Hougan pointed out that if we look at the $1.4 billion that advisors have put into IBIT, it is one of the fastest-growing ETFs launched this year.
He also noted that while it might look like advisors are not putting in much, this is because much larger amounts are coming in from other buyers. He ended by saying that advisors still make up a small part of those buying Bitcoin spot ETFs.
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