US spot Bitcoin exchange-traded funds (ETFs) recorded one of their strongest sessions in recent months on Sept. 21 after attracting a combined $999 million in net inflows. This happened as Bitcoin staged a sharp rally over the past 24 hours.
BlackRock’s IBIT led the charge with $381.4 million in inflows, followed closely by ARK 21Shares’ ARKB, which attracted $289.1 million. Fidelity’s FBTC added another $238.8 million.
Bitcoin ETF flows (Source” Farside Investors)
Bitwise’s BITB recorded $21.6 million in inflows, while MSBT brought in $61.7 million. Grayscale’s GBTC and BTC funds added smaller amounts of $3.3 million and $3.1 million respectively.
None of the listed spot Bitcoin ETFs recorded net outflows during the session.
The $999 million haul also extends a dramatic turnaround in institutional Bitcoin demand. ETFs attracted $433 million on Sept. 18 after receiving $159.5 million a day earlier. Combined, the funds have now absorbed approximately $1.59 billion across the past three trading sessions.
That recovery follows heavy withdrawals earlier in the month, including $450.4 million in net outflows on Sept. 15 and another $295.9 million on Sept. 16.
Bitcoin jumps more than $4,000
The fresh ETF demand coincided with a major move in Bitcoin itself. BTC started the past 24-hour period trading around $81,000 to $82,000 before breaking sharply higher. The cryptocurrency initially jumped above $83,000 before continuing toward $85,000 and eventually reaching a session high close to $87,000.
BTC’s price action over the past 24 hours (Source: CoinCodex)
Bitcoin later gave back some of those gains and was trading around $85,200 toward tat press time, which was still roughly 5% higher than where it began.
The combination of rising Bitcoin prices and impressive ETF inflows suggests institutional demand has returned strongly after last week's selling pressure. IBIT, FBTC and ARKB alone accounted for more than $909 million, or roughly 91% of the day's total ETF inflows.
The next few sessions could now provide an important test. Continued ETF buying would indicate that the latest surge is more than a single-session burst of demand, while another reversal into outflows could suggest investors are still aggressively trading Bitcoin's recent volatility.