Bitcoin ETFs See 4Day Surge in Investments Worth 479m while Ether ETFs Experience Capital Outflows
Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a fourth consecutive day of net inflows on October 28, with a total of $479.35 million flowing into these funds. Meanwhile, Ether ETFs saw a slowdown in net outflows.
The largest Bitcoin ETF, BlackRock’s IBIT, received the majority of the inflows, with $315.2 million entering the fund. This extends its streak of inflows to 10 days, and since its launch, the fund has accumulated a total of $24.3 billion in net inflows.
Other Bitcoin ETFs, including ARK 21Shares’ ARKB and Fidelity’s FBTC, also saw inflows of $59.78 million and $44.12 million, respectively. Smaller contributions came from Biwise’s BITB and the Grayscale Bitcoin Mini Trust, with inflows of $38.67 million and $21.59 million, respectively.
On October 28, none of the Bitcoin ETFs, including Grayscale’s GBTC, reported any outflows. However, GBTC has seen a cumulative net outflow of $20.11 billion since its inception.
These significant inflows have led to a surge in the total Bitcoin held by U.S. spot Bitcoin ETF issuers, which now stands at 976,893 BTC, valued at over $69.3 billion. This constitutes nearly 5% of Bitcoin’s $1.34 trillion market capitalization.
The current momentum suggests that the cumulative holdings could reach 1 million BTC by the end of this week. To achieve this, an additional $1.64 billion in net inflows is needed, which would require an average daily inflow of $328 million.
The demand for these investment products has driven inflows to over $3.5 billion in October, coinciding with a 5% price increase that pushed Bitcoin to a four-month high of $71,500 before consolidating to $70,980. Investor sentiment has been boosted by the potential outcomes of the upcoming U.S. election, the Federal Reserve’s interest rate adjustments, and Russia’s expected lift of its ban on Bitcoin mining in November.
In contrast, spot Ether ETFs saw a decrease in outflows on October 28, with only $1.14 million leaving the funds compared to $19.16 million the previous day. Grayscale’s ETHE recorded the majority of the outflows, with $8.44 million withdrawn. However, 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 that day.
This decrease in Ether ETF outflows aligns with a broader market upswing, as Ethereum rose 3.6% to $2,611. Emory University has also become the first endowment to hold a Bitcoin ETF.
