Bitcoin and Ethereum exchange-traded funds (ETFs) recorded their highest inflows in several weeks in the session ending Friday, September 27. This comes amid ongoing talk of a cryptocurrency market recovery.
With a track record of undesirable returns in September, as it has historically been Bitcoin’s worst performing month, markets are expecting an improvement in fortunes in October as the month comes to a close.
Crypto ETF Flows Hit Multi-Week High
Cryptocurrency investors bought 7,526 Bitcoin (BTC) and 22,310 Ethereum (ETH) on Friday, resulting in net inflows of $494.4 million and $58.7 million to Bitcoin and Ethereum funds, respectively.
Spotonchain, an on-chain insights tool, reported that these flows pushed total weekly inflows to levels not seen in weeks. Specifically, Bitcoin (BTC) ETFs recorded total positive inflows of $1.11 billion, the largest weekly inflow since July 19.
On the other hand, Ethereum (ETH) ETFs recorded total inflows of $84.6 million between Monday and Friday, the largest weekly inflow since August 9.
Data from Farside Investors confirms the report. It shows that BlackRock’s IBIT fund led daily inflows, excluding Monday, when it recorded $11.5 million, versus $24.9 million in positive inflows for Fidelity’s FBTC fund.
Since their introduction to the US market in January 2024, spot Bitcoin ETFs have been a magnet for institutional investors. They offer direct listing of Bitcoin into wallets, bypassing the challenges of direct purchase and secure storage.
As BeInCrypto reported, over 1,000 institutional investors joined during just two 13F filing periods, highlighting how the market response to Bitcoin ETFs has been overwhelmingly positive.
Meanwhile, in the Ethereum ETF market, all issuers are suffering and the financial instrument continues to underperform. However, achieving positive flows for both markets is not easy.
This comes as investors continue to bet on a recovery in the cryptocurrency market, with Bitcoin holding above $65,500.
