US Bitcoin and Ethereum exchange-traded funds sought $33 million of assets reflecting high interest in the cryptocurrency market. Bitcoin ETFs captured $25.6 million in fund inflows, and Ethereum ETFs $7.4 million. These numbers indicate the increasing levels of trust in both assets, especially in the spot ETF. SpotOnChain, an on-chain crypto analytical platform, revealed the stats through its official social media platform, X.
Spot ETF: $25.6M to $BTC and $7.4M to $ETH Oct 4, 2024 The total flow for BTC ETFs this week is -$302M, with outflows on 3 out of 5 trading days. The total flow for ETH ETFs this week is -$30.4M, also with outflows on 3 out of 5 trading days.Follow⊠pic.twitter.com/2KJ5jueFEG
â Spot On Chain (@spotonchain) October 5, 2024
Bitcoin ETFs Lead Inflows
The largest Bitcoin ETF inflows came from Bitwiseâs BITB fund, which saw $15.3 million. Fidelityâs FBTC ETF followed closely with $13.6 million in fresh investments, while VanEckâs HODL ETF added $5.3 million.
Other significant inflows included ARK 21Shares (ARKB), BlackRock (IBIT), and Invesco (BTCO) funds, each contributing over $5.3, $0, and $0, respectively. However, Grayscaleâs (GBTC) fund saw a $13.9 million outflow, slightly dampening the net inflows. Despite this, Bitcoin ETFs collectively attracted $25.6 million, reflecting strong demand.
On the Ethereum side, BlackRockâs ETHA ETF led the inflows with $14.7 million, accounting for most Ethereum ETF investments daily. Bitwiseâs ETHW fund followed with $0.9 million, while Franklinâs EZET and VanEckâs ETHV ETFs contributed smaller amounts.
Notably, Grayscaleâs (ETHE) fund faced a significant outflow of $8.2 million, the largest Ethereum ETF withdrawal of the day. Despite this, Ethereum ETFs still recorded a positive net inflow of $7.4 million.
Investor Interest Remains Strong
As per the data shared by SpotOnChain, the flow into Bitcoin and Ethereum ETFs on October 4 demonstrates the demand for mainstream products to expose digital assets through traditional investment vehicles directly.
The increased interest in spot ETFs, especially in the United States, underscores the growing preference for direct exposure to Bitcoin ($BTC) and Ethereum ($ETH) as a store of value. This trend signifies that more ETFs will enter the market to profit from this increasing demand for digital currencies.
