Surge in Bitcoin ETF Inflows: What You Need to Know!

On Friday, U.S.-based spot Bitcoin exchange-traded funds (ETFs) experienced remarkable net inflows of $253.6 million, breaking a three-day streak of outflows.

Leading the Charge

The Fidelity Wise Origin Bitcoin Fund led the inflows with $117.1 million, followed by the ARK 21Shares Bitcoin ETF at $97.6 million. The Bitwise Bitcoin ETF saw a significant inflow of $38.8 million, marking its largest inflow in 11 trading days. Other ETFs like Invesco Galaxy and VanEck Bitcoin ETFs also recorded positive inflows.

Conversely, BlackRock’s iShares Bitcoin Trust (IBIT) and several other ETFs, including those from Franklin Templeton, Valkyrie, and WisdomTree, reported no inflows for the day. Notably, the Grayscale Bitcoin Trust faced an outflow of $22.1 million.

These inflows on October 11 significantly offset the $140 million in outflows recorded between October 8 and 10. This surge followed a 7.3% rally in Bitcoin, which reached a local high of $63,360 before settling at $62,530, according to CoinGecko data.

BlackRock's Dominance

BlackRock continues to dominate the spot Bitcoin ETF market with total net inflows of $21.7 billion, while Fidelity is nearing $10 billion. Other notable issuers with net inflows exceeding $2 billion include ARK 21Shares and Bitwise.

Ether ETFs Lag Behind

In contrast, U.S. spot Ether ETFs underperformed, with seven out of nine recording no inflows. The combined net outflow was $0.1 million, with the only inflow coming from the Fidelity Ethereum Fund. The Grayscale Ethereum Trust experienced an outflow of $8.7 million. According to Bitstamp CEO Bobby Zagotta, the low demand for Ether ETFs may stem from market uncertainty and a lack of understanding of Ethereum’s technical roadmap.

Source: Farside Investors