Originally published on: October 12, 2024
On October 11, spot Bitcoin exchange-traded funds in the United States experienced a positive turn with a combined net inflow of $253.6 million, putting an end to three consecutive days of outflows.
The Fidelity Wise Origin Bitcoin Fund took the lead with a net inflow of $117.1 million, followed by the ARK 21Shares Bitcoin ETF with $97.6 million, according to Farside Investor data.
Even the Bitwise Bitcoin ETF saw a significant inflow of $38.8 million, its largest in 11 days, along with inflows for the Invesco Galaxy and VanEck Bitcoin ETFs.
Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) and other Bitcoin ETFs from Franklin Templeton, Valkyrie, and WisdomTree recorded no net flow on that day.
The total net inflow on October 11 more than offset the $140 million that had left the Bitcoin ETFs between October 8 and 10.
This positive trend followed a 7.3% rally in Bitcoin’s price to $63,360 on October 11 before settling at $62,530 at current rates, as per CoinGecko data.
With BlackRock leading the way in total net inflows of $21.7 billion, Fidelity is nearing the $10 billion milestone, followed by ARK 21Shares and Bitwise as the only other issuers with net inflows exceeding $2 billion.
In contrast to Bitcoin, seven out of the nine US-based spot Ether ETFs recorded no net inflows on October 11, leading to a combined net outflow of $0.1 million. The Fidelity Ethereum Fund was the sole provider of inflows, while the Grayscale Ethereum Trust experienced a $8.7 million outflow.
The lukewarm demand for spot Ether ETFs compared to Bitcoin ETFs may be due to their launch timing, according to Bitstamp CEO for the Americas, Bobby Zagotta. Additionally, some believe that Wall Street investors struggle to grasp Ethereum’s technical roadmap, hindering their ability to recognize its true value.
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