Spot Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a significant drop in net inflows on Sept. 23, while spot Ether ETFs ended their two-day inflow streak.

Bitcoin ETFs See Dramatic Drop in Inflows

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged net inflows of $4.56 million, a sharp decline of 95% from the $92 million recorded the previous trading day. Fidelity’s FBTC led the inflows with $24.9 million, following nine days of positive flows and one day of neutral flows.

BlackRock’s IBIT, the largest Bitcoin ETF, followed with $11.5 million in inflows, ending its four-day no-flow streak. Grayscale Bitcoin Mini Trust attracted $8.4 million. Grayscale’s GBTC was the only spot Bitcoin ETF to report outflows, with $40.3 million leaving the fund, culminating in total outflows of $20.1 billion since its inception. The remaining eight Bitcoin ETFs saw no trading activity on the day.

Total trading volume for the 12 Bitcoin ETFs dropped to $949.7 million on Sept. 23, down from $980.5 million the previous day. Since their launch, these funds have recorded a cumulative total net inflow of $17.7 billion.

Bitcoin Price Trends

Over the past seven days, Bitcoin’s price surged by 8.3%, reaching a peak of $64,501. Currently, it is priced at $63,293, down 0.6% over the last day, with a trading volume of $25.9 billion and a market capitalization of $1.25 trillion.

Growing investor demand is expected to push Bitcoin prices higher.

Bloomberg analyst Eric Balchunas speculated that leading issuers like BlackRock could potentially triple their Bitcoin holdings by the end of next year. As investors buy shares in these ETFs, issuers are required to purchase an equivalent amount of Bitcoin, driving up demand and further impacting the already limited supply.

Spot Ether ETFs Break Inflow Streak

The nine U.S.-based Spot Ethereum ETFs recorded net outflows totaling $79.3 million, reversing the net positive flows seen the previous day. The entire net outflows originated from Grayscale’s ETHE, with $80.6 million flowing out of its fund. These outflows were partially offset by Bitwise’s ETHW, which logged inflows of $1.3 million on the day.

The trading volume for these investment vehicles rose to $167.3 million on Sept. 23, up from $139.4 million the previous day. The spot Ether ETFs have experienced a cumulative total net outflow of $686.68 million. At the time of publication, Ethereum was trading at $2,639.

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