Spot Bitcoin ETFs recorded 5-month high inflows of $870m

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As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen my fair share of bull runs and market fluctuations. The recent surge in U.S.-based spot Bitcoin exchange-traded funds (ETFs) is reminiscent of the dot-com bubble days, albeit with a digital twist.

Over the last three weeks, I’ve observed a remarkable surge in activity on U.S.-based Bitcoin spot exchange-traded funds (ETFs) that I believe has significantly fueled the broader market’s bullish trend.

Based on figures shared by Farside Investors, American Bitcoin (BTC) ETFs saw a total of $870.1 million pouring in on October 29, a figure last observed on June 4. Leading the charge was BlackRock’s IBIT fund with an impressive $642.9 million inflow, bringing its total net inflows to a whopping $24.94 billion.

Here’s a quick review of the ETF performance yesterday: 

  • Fidelity’s FBTC: $133.9 million in inflows.
  • Bitwise’s BITB: $52.5 million in inflows.
  • Grayscale’s mini BTC fund: $29.2 million in inflows.
  • VanEck’s HODL: $16.5 million in inflows.
  • Ark 21Shares’ ARKB: $12.4 million in inflows.
  • Despite the massive inflows, Grayscale’s GBTC fund still witnessed an outflow of $17.3 million. Its total net outflows surpassed the $20 billion mark so far.
  • BTCO, EZBC, BRRR and BTCW remained neutral with no flows.

In the United States, Ethereum (ETH) Exchange-Traded Funds experienced a total inflow of approximately $7.6 million, as reported by Farside Investors. Specifically, BlackRock’s ETHA fund saw an influx of $13.6 million, while Grayscale’s ETHE fund recorded an outflow of $6 million.

The remaining seven ETH-related investment products saw no flows.

Another bullish wave

In just the last day, the value of Bitcoin increased by approximately 2.2%, primarily due to substantial investments being made into U.S. exchange-traded funds specializing in Bitcoin. Currently, each Bitcoin is being traded for around $72,400.

As an analyst, I’m sharing that I observed a significant milestone with Bitcoin on October 29th. It momentarily touched the impressive figure of $73,500, which is quite close to its all-time peak of $73,750, achieved back on March 14th.

Ethereum also gained 1.3% over the past day and is trading at $2,640 at the time of writing. 

As per information from CoinGecko, the overall value of the cryptocurrency market has risen by approximately 0.2% over the past day and now stands at a staggering $2.546 trillion. Notably, the total daily trading volume experienced a significant boost of 70%, culminating in a massive $137 billion.

The rising trading volume could indicate the rising interest of cryptocurrency investors and traders. 

It’s worth mentioning that the market appears to be heating up significantly, as it continues to climb without much driving force other than ETF investments.

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2024-10-30 10:13