Bitcoin ETFs See 4Day Inflow Streak of 479m While Ether ETFs Experience Outflows
Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a surge in inflows on Oct. 28, with a total of $479.35 million entering the market, marking the fourth consecutive day of net inflows. In contrast, Ether ETFs saw a slowdown in net outflows during the same period.
SoSoValue data indicated that the majority of the inflows came from BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, which received $315.2 million, extending its inflow streak to 10 days. Since its inception, the fund has accumulated $24.3 billion in cumulative net inflows.
In addition to IBIT, other Bitcoin ETFs such as ARK 21Shares’ ARKB and Fidelity’s FBTC also saw significant inflows of $59.78 million and $44.12 million, respectively. Smaller but notable contributions were observed from Biwise’s BITB and the Grayscale Bitcoin Mini Trust, with inflows of $38.67 million and $21.59 million, respectively.
None of the Bitcoin ETFs, including Grayscale’s flagship GBTC, reported outflows on Oct. 28. However, GBTC has seen a cumulative net outflow of $20.11 billion since its inception.
The total Bitcoin held by U.S. spot Bitcoin ETF issuers has surged to 976,893 BTC, valued at over $69.3 billion, accounting for nearly 5% of Bitcoin’s $1.34 trillion market capitalization. This momentum suggests that the cumulative holdings could reach 1 million BTC by the end of the week, requiring an additional $1.64 billion in net inflows to bridge the 23,107 BTC gap needed to hit this historic milestone.
The surge in demand for these investment products has pushed inflows to over $3.5 billion in October, coinciding with a 5% price jump in Bitcoin, reaching a four-month high of $71,500 before consolidating to $70,980. The investor sentiment appeared to be boosted by the potential outcomes of the U.S. election, the Federal Reserve’s potential interest rate adjustments, and Russia’s expected lift of its ban on Bitcoin mining in November.
In contrast, spot Ether ETFs in the U.S. saw a deceleration in outflows on Oct. 28, with only $1.14 million exiting the funds compared to $19.16 million the previous day. Grayscale’s ETHE recorded the bulk of the outflows, with $8.44 million withdrawn, but this was partially offset by inflows into Fidelity’s FETH and BlackRock’s ETHA, which saw inflows of $5.02 million and $2.28 million, respectively. The remaining spot Ether ETFs reported no net flows on the day.
This modest decrease in Ether ETF outflows aligns with a broader market upswing, with Ethereum rising 3.6% to $2,611.
Finally, Emory University became the first endowment to hold Bitcoin ETF.
