As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies and exchange-traded funds (ETFs), I find myself thoroughly intrigued by the recent surge in inflows into spot Bitcoin ETFs. Having closely followed the evolution of these ETFs since their inception, it is indeed a remarkable sight to witness them surpassing the $20 billion mark in cumulative inflows – a milestone that took gold ETFs around five years to achieve.
On October 17th, Bitcoin exchange-traded funds experienced a fifth consecutive day of investments flowing in, with BlackRock’s IBIT leading the way for the third day in a row.
As a researcher, I’m excited to share that the collective inflow of the 12 Bitcoin Spot ETFs surged to an impressive $470.48 million on a single day. This significant influx brought the cumulative total for the past five trading days to over $2.1 billion.
Based on figures from SoSoValue, it’s clear that the IBIT ETF managed by BlackRock was at the forefront of a significant inflow of funds totaling $309 million on October 17th. Remarkably, this marked the third straight day that IBIT took the lead in terms of performance.
In contrast to BlackRock’s IBIT ETF taking the lead, other significant market players such as ARK Invest and 21Shares’ ARKB ETF also experienced a surge in investments, totaling approximately $100.2 million. Additionally, Grayscale’s GBTC ETF received around $45.7 million during this ongoing period of increased inflows.
On October 17th, Fidelity’s FBTC and Franklin Templeton’s EZBC both reported significant investments in Bitcoin, amounting to $11.96 million for FBTC and $3.88 million for EZBC. Interestingly, seven other Bitcoin ETFs did not see any new investments on this day.
The cumulative inflow into Bitcoin Spot Exchange-Traded Funds surpassed $20 billion, reaching $20.66 billion by October 17th.
In a post on October 17th, Bloomberg ETF analyst Eric Balchunas highlighted the significance of this accomplishment, pointing out that surpassing the $20 billion mark is among the toughest and most crucial milestones in the ETF industry. He analogized this feat to gold ETFs, suggesting it took roughly five years for them to reach a similar level of success.
The ETF Store’s president, Nate Geraci, expressed similar thoughts, referring to the current trend as a “rapid absorption” or “quick accumulation” of funds.
Reaching over $20 billion in total assets for Bitcoin ETFs aligns with Bitcoin’s price breaking past the significant $65,000 threshold, a mark investors have been anticipating since the price dipped beneath it on September 30.
As of now, Bitcoin (BTC) was valued at approximately $67,839, marking a 0.7% rise over the preceding 24 hours. During this period, its price fluctuated between $66,738 and $68,159, reflecting an ongoing positive trend in the market.
Spot Ethereum ETFs see modest gains
Additionally, Exchange Traded Funds (ETFs) concentrating on Ethereum have seen an increase in investments as well. Specifically, on October 17th, a total of $48.41 million flowed into the nine available ETFs that track Ethereum directly, which follows a previous day’s inflow of $24.22 million.
Fidelity’s FETH and BlackRock’s ETHA exchange-traded funds (ETFs) were the top performers in terms of inflows, with investments totaling approximately $31.12 million and $23.56 million respectively.
Additionally, participating in the contributions were Grayscale’s Ethereum Mini Trust, 21Shares’ CETH, Biwise’s ETHW, and Invesco’s QETH, each receiving investments totaling approximately $5.13 million, $2.33 million, $1.49 million, and $518,640 respectively.
Even though Ethereum ETFs have seen some positive advancements, they’ve collectively witnessed a withdrawal of $481.9 million so far, indicating their higher volatility in the present market conditions. Currently, Ethereum (ETH) is being traded at approximately $2,619.
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2024-10-18 10:06