Bitcoin ETFs have seen a huge turnaround, finally recording a net inflow of $254 million on October 11.
This is the end of three consecutive days of outflows, even though BlackRock’s iShares Bitcoin Trust didn’t contribute to this increase.
Strong inflows for Bitcoin ETFs
U.S.-based spot Bitcoin ETFs reported a total of $253.6 million in net inflows in the end of the week, breaking a streak of losses.
The Fidelity Wise Origin Bitcoin Fund led the way with an impressive inflow of $117.1 million.
The ARK 21Shares Bitcoin ETF followed closely with $97.6 million, while the Bitwise Bitcoin ETF added $38.8 million, its largest gain in 11 trading days.
Other ETFs like Invesco Galaxy and VanEck also saw positive inflows. BlackRock’s IBIT recorded no inflows that day, along with other ETFs from Franklin Templeton, Valkyrie, and WisdomTree.
This day was the third-largest combined inflow for Bitcoin ETFs when BlackRock’s IBIT didn’t contribute.
The Grayscale Bitcoin Trust experienced another outflow of $22.1 million. The recent inflow of $253.6 million more than compensated for the $140 million that left Bitcoin ETFs between October 8 and 10.
This uptick followed a 7.3% rally in Bitcoin’s price, which peaked at $63,360 before settling at around $62,500.
Implications for the market, why it’s a big thing?
BlackRock clearly remains the leader among spot Bitcoin ETF issuers with total net inflows reaching $21.7 billion.
Fidelity is close behind, just $15 million away from hitting the $10 billion mark. Other significant players include ARK 21Shares and Bitwise, both of which have net inflows exceeding $2 billion.
Overall, all spot Bitcoin ETFs have accumulated net inflows totaling $18.9 billion, despite over $20 billion in outflows from the Grayscale Bitcoin Trust.
In contrast to the positive performance of Bitcoin ETFs, Ethereum ETFs are struggling to attract investment.
On the same day, on October 11, seven out of nine U.S.-based spot Ether ETFs reported no inflows for the third time in five trading days.
These Ethereum ETFs collectively experienced a small net outflow of $0.1 million that day, with only Fidelity’s Ethereum Fund showing any positive movement.
Challenges for Ethereum ETFs
The Grayscale Ethereum Trust saw an outflow of $8.7 million as well. The ETH ETFs from 21Shares, VanEck, and Invesco have now faced at least eight consecutive days without any inflows.
The low interest in these Ethereum products may be due to their launch timing, as noted by Bobby Zagotta, CEO of Bitstamp for the Americas.
He mentioned that many investors are currently in a “wait-and-see” mode due to uncertainties surrounding elections and regulations in the U.S., along with various political factors.
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