As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I find myself both encouraged and amused by these latest developments in the ETF market. The consistent net inflows into Bitcoin ETFs, especially BlackRock’s IBIT, suggest a growing institutional appetite for BTC exposure. However, the fact that Grayscale’s GBTC is still struggling to attract interest despite its significant history underscores the dynamic nature of this market.
In the United States, Bitcoin ETFs have experienced four consecutive days with net inflows, whereas Ethereum ETFs, which had been seeing net positive flows, have now shifted back to drawing in more assets.
According to SoSoValue’s data, Bitcoin ETFs with a spot of 12 saw net deposits amounting to approximately $458.54 million on October 16. This marks the fourth consecutive day where these funds have experienced positive inflows. Over this timeframe, they’ve amassed over $1.63 billion in total.
BlackRock’s IBIT, the Bitcoin ETF with the most assets under management, remains dominant and recorded the highest daily net inflow for the second consecutive day. On October 16th, IBIT saw a significant influx of $393.4 million, its largest single-day increase since July 22nd. Since its debut, the fund has accumulated a total of $22.46 billion in net inflows.
In addition to these key players, Fidelity’s FBTC brought in approximately $14.81 million, Bitwise’s BITB gathered around $12.93 million, Franklin Templeton’s EZBC received about $11.79 million, and Ark 21Shares’ ARKB accumulated roughly $11.51 million in investments.
Through the offerings of Invesco Galaxy’s BTCO, VanEck’s HODL, and Valkyrie’s BRRR, a combined total of approximately $6.43 million, $5.75 million, and $1.92 million was respectively raised.
There’s been no recent trading for the remaining Bitcoin ETFs, such as Grayscale’s GBTC. Importantly, since it was first introduced, Grayscale’s GBTC has seen a total withdrawal of approximately $20.14 billion in value.
The crypto asset manager is now preparing to take a bold step by attempting to launch the first ETF that holds multiple cryptocurrencies, including Bitcoin, Ether, Solana, and XRP.
As per Bloomberg analyst Eric Balchunas’ statement, the company intends to transform its Grayscale Digital Large Cap Fund (GDLC) into a blended Cryptocurrency Exchange-Traded Fund (ETF).
Considering that Bitcoin and Ether make up more than 90% of his investments, he thinks there’s still a possibility for approval, even though there are worries about the less liquid assets that represent only a small portion of his holdings.
If it’s successful, Grayscale might take the lead among its competitors in the chase for a broad-based cryptocurrency Exchange Traded Fund (ETF).
For the first time since their debut in January, the combined inflows into U.S. Bitcoin spot ETFs have exceeded $20 billion, a notable achievement that underscores the growing maturity of this emerging market.
Despite the ongoing influx of funds into Bitcoin ETFs, Bitcoin (BTC) itself has been maintaining a relatively steady position within the market. On October 17, BTC was trading at around $67,300, having briefly touched $68,250 the day before, marking its highest point in two months.
Bitcoin’s market capitalization remains strong at $1.33 trillion, with a daily trading volume exceeding $36 billion.
Ether ETFs rebound after negative flows
As Bitcoin ETFs experience a revival, it seems that Ether ETFs are also showing signs of improvement. Yesterday, these U.S.-based Ether ETFs saw net outflows, but on October 16th, they recorded net inflows amounting to $24.22 million, marking a change in direction.
In this scenario, it can be rephrased as:
The remaining ETH ETFs saw no trading activity on the day.
Overall, Ether ETF investments have seen a net withdrawal amounting to approximately $530.3 million. As for now, each Ethereum unit is being traded around $2,628.
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2024-10-17 10:32