Bitcoin ETFs Take $731 Million in One Day, But Is It a Rotation?

BTC ETFs took in $731 million on September 3, their biggest day since January 14, according to SoSoValue. This influx of funds is part of a three-week streak of net inflows to Bitcoin spot ETFs, totaling $3.8 billion.

The majority of the $731 million came from BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT), which took in $454 million. However, despite this surge, Bitcoin spot ETFs are still down about $1 billion net since January 1.

XRP and Ether funds, on the other hand, saw a significant decline in inflows. XRP spot ETFs took in just $19 million in the week to September 5, an 83% drop from the previous week's $110.5 million. Ethereum (CRYPTO:ETH) spot ETFs also saw a 74% drop in inflows, taking in $218.4 million.

Despite these numbers, analysts are calling it a rotation of money from XRP to BTC. However, the Bitcoin price is actually lower than it was on September 3, and XRP's price has risen 39% over the past month against BTC's 23% gain.