Bitcoin ETFs Soar to Record $731 Million Inflows While XRP, Ether Funds Slow
Bitcoin spot ETFs took in $731 million on September 3, their largest daily inflow since January 14. This significant influx of funds came after three consecutive weeks of net inflows totaling $3.8 billion, making it the strongest three-week run for Bitcoin's funds this year.
The majority of the $731 million, $454 million, came from BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT). ARK's ARKB added $138 million and Fidelity's FBTC contributed $74 million. However, despite this massive influx of funds, Bitcoin spot ETFs have still lost around $1 billion since January 1.
In contrast, XRP and Ethereum (CRYPTO:ETH) spot ETFs experienced a significant decline in inflows. XRP ETFs took in $19 million in the week to September 5, down 83% from the previous week's $110.5 million. Ethereum spot ETFs saw their inflows drop by 74%, from $824.4 million to $218.4 million.
The price action tells a different story, however. Over the past month, XRP has risen 39% against Bitcoin's 23%. Moreover, both XRP and Ethereum prices have increased over the same period, with XRP rising 4% in seven days and Ethereum surging 30% in 30 days.