Originally published on: October 15, 2024
In a surge not seen since June, United States spot Bitcoin exchange-traded funds (ETFs) experienced a massive influx of over $555.9 million in a single day. This rise marks a significant milestone for the 11 ETFs, with data from Farside Investors confirming this as their largest daily net inflow in months. The surge occurred as Bitcoin hit a two-week high of $66,500, highlighting the growing interest in cryptocurrency.
ETF Store President Nate Geraci described the day as a “monster day” for spot BTC ETFs, as they approach nearly $20 billion in net inflows over the last 10 months. The Fidelity Wise Bitcoin Origin Fund (FBTC) led the pack with an impressive inflow of $239.3 million, its highest since June. Bitwise Bitcoin ETF (BITB) followed with over $100 million, while BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows of $79.6 million.
Ark 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) also experienced significant inflows, with ARKB receiving just under $70 million and GBTC seeing its highest inflow since early May at $37.8 million. Despite the success of Bitcoin ETFs, Ethereum funds did not share the same momentum, with zero net flows for several key players in the market.
The rise of Bitcoin ETFs has drawn comparisons to gold-based products, with Bitcoin hitting all-time highs multiple times since the launch of BTC funds. In contrast, gold ETFs have only seen $1.4 billion in net inflows compared to over $19 billion for Bitcoin ETFs. This shift in investment highlights the growing popularity of cryptocurrency as a viable asset class.
As interest in Bitcoin continues to soar, the market for ETFs is experiencing unprecedented growth, with significant inflows driving new opportunities for investors. Stay informed on the latest trends in the market and seize investment opportunities with our Markets Outlook newsletter, delivered every Monday. Subscribe now to refine your trading strategies and stay ahead of the curve.
