Originally published on: October 12, 2024
Spot Bitcoin exchange-traded funds in the US experienced a significant turnaround on October 11th, with a total net inflow of $253.6 million. This surge came after three consecutive days of outflows, indicating renewed investor interest in the cryptocurrency market.
Leading the pack in net inflows was the Fidelity Wise Origin Bitcoin Fund, attracting $117.1 million, followed closely by the ARK 21Shares Bitcoin ETF with $97.6 million, as per data from Farside Investors. The Bitwise Bitcoin ETF also saw a substantial inflow of $38.8 million, its largest in 11 trading days.
Additionally, the Invesco Galaxy and VanEck Bitcoin ETFs witnessed positive inflows during this period. However, BlackRock’s iShares Bitcoin Trust (IBIT) recorded zero flow on the day, along with ETFs from Franklin Templeton, Valkyrie, and WisdomTree.
Despite this, BlackRock remains the top spot Bitcoin ETF issuer, with total net inflows of $21.7 billion. Fidelity is close behind, nearing the $10 billion milestone. Notably, ARK 21Shares and Bitwise are the only other two issuers with net inflows exceeding $2 billion.
The overall net inflows for all spot Bitcoin ETFs currently stand at $18.9 billion, compensating for the $140 million that exited ETFs between October 8th and 10th. This trend coincided with a 7.3% price rally in Bitcoin, reaching a local high of $63,360 before stabilizing around $62,530.
On the other hand, the spot Ether ETFs did not fare as well, with seven out of nine US-based ETFs recording zero inflow on October 11th. The Fidelity Ethereum Fund was the sole exception, contributing to the $0.1 million net outflow observed for spot Ether ETFs.
While Ethereum’s technical roadmap may be complex for traditional investors to grasp, Bitcoin ETFs continue to attract significant attention and investment. This latest surge in inflows signals a positive sentiment towards Bitcoin, highlighting its position as a preferred asset for many investors.
