US spot Bitcoin exchange-traded funds attracted another $66.2 million in net inflows on Sept. 29, extending their recent positive run.
The latest flows also shed some light in a growing split between institutional demand for the two largest cryptocurrencies. Bitcoin ETF inflows more than doubled from the $31 million recorded a day earlier, while Ethereum funds swung from a $17.1 million inflow on Sept. 28 to a $2.8 million net outflow.
Together, the Bitcoin and Ethereum ETF markets still recorded approximately $63.4 million in net inflows for the session, but almost all of that demand came from Bitcoin products.
BlackRock and ARK Drive Bitcoin ETF Inflows
BlackRock's iShares Bitcoin Trust (IBIT) led the Bitcoin funds with $51.1 million in fresh capital on Sept. 29. ARK 21Shares' ARKB followed with $33.2 million. Those gains were partly offset by an $18.1 million outflow from Bitwise's BITB, while the other major Bitcoin ETFs reported no net movement.
Bitcoin ETF flows (Source: Farside Investors)
The $66.2 million total was a decent acceleration from Monday's $31 million inflow and followed a much stronger stretch for the funds last week.
The distribution is also interesting because the day's demand was very concentrated. Rather than broad-based inflows across the ETF complex, BlackRock and ARK accounted for essentially all of the positive activity before Bitwise's withdrawals were deducted.
Bitcoin itself has not fully mirrored the improvement in ETF demand. BTC was trading around $83,888 at press time, down roughly 0.17% over the past 24 hours.
Ethereum ETFs Break Their Inflow Streak
Ethereum ETFs told a different story. The funds recorded a modest $2.8 million net outflow on Sept. 29, ending a run of consecutive positive trading sessions.
Ethereum ETF flows (Source: Farside Investors)
BlackRock's ETHA saw $8.9 million leave the fund, while Fidelity's FETH recorded $6.7 million in outflows. Grayscale's ETH product partially offset those withdrawals with $12.8 million in inflows.
The reversal is small compared with the hundreds of millions of dollars that flowed into Ethereum ETFs during several sessions earlier this month, which means that the latest result looks more like a pause in demand than a major exodus.
Ethereum was trading close to $2,695.15 , down approximately 0.5% over the past 24 hours.
