Spot Bitcoin ETFs Daily Inflow Hits Four-month High
15 Oct, 2024 ● Crypto News
United States spot Bitcoin exchange-traded funds (ETFs) experienced their largest single-day inflow in over four months, with more than half a billion dollars added.
On Oct. 14, the 11 Bitcoin ETFs saw combined net inflows of $555.9 million, the biggest daily inflow since early June, according to data from Farside Investors.
This surge came as Bitcoin reached a two-week high, trading at $66,500 late in the day.
Nate Geraci, President of ETF Store, described it as a “monster day” for spot Bitcoin ETFs, noting that they are now nearing $20 billion in net inflows over the past 10 months.
“Simply ridiculous and blows away every pre-launch demand estimate,” Geraci said in an Oct. 15 post on X.
He emphasized that this surge in inflows was driven by advisers and institutional investors, rather than retail traders.
The Fidelity Wise Bitcoin Origin Fund (FBTC) led the way with an inflow of $239.3 million, its largest since June 4.
The Bitwise Bitcoin ETF (BITB) saw over $100 million in inflows, while BlackRock’s iShares Bitcoin Trust (IBIT) recorded $79.6 million.
The Ark 21Shares Bitcoin ETF (ARKB) took in just under $70 million, and the Grayscale Bitcoin Trust (GBTC) had its first inflow for October, reaching $37.8 million — its highest since early May.
In an Oct. 14 post on X, Bloomberg senior ETF analyst Eric Balchunas compared Bitcoin ETFs to gold-based products.
He pointed out that, since the launch of Bitcoin ETFs in January, the asset has hit all-time highs five times.
In contrast, while gold has reached record highs 30 times this year, gold ETFs have only accumulated $1.4 billion in net inflows, compared to over $19 billion for Bitcoin ETFs.
Meanwhile, Ethereum funds have not seen the same success. Bitwise, VanEck, Franklin, and Grayscale reported zero net flows, with Fidelity and Invesco seeing only minor inflows.
However, BlackRock’s iShares Ethereum Trust (ETHA) recorded an inflow of $14.3 million, bringing its total to $17 million.
Sources:
https://cointelegraph.com/news/us-spot-bitcoin-etfs-556m-inflows-biggest-day-since-june
