The eleven spot Bitcoin ETFs in the United States have collectively surpassed $20 billion in inflows this week. Thursday’s big inflow added to that total flow figure, which was $20.73 billion, according to Farside Investors.
Bloomberg’s senior ETF analyst Eric Balchunas said that this was the most important number because it is the “most difficult metric to grow in the ETF world.” For context, it took gold ETFs about five years to reach the same number, he added.
Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for first time after huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach same number. Total assets now $65b, also a high water mark. pic.twitter.com/edldEimfqd
— Eric Balchunas (@EricBalchunas) October 17, 2024
Bitcoin ETF Flows
October 17 saw an aggregate net inflow of $470.5 million for the eleven funds, marking the fifth consecutive trading day in the green. This means that they have accumulated a whopping $1.85 billion this week alone, without counting Friday’s flows.
ETF Store President Nate Geraci observed that more than $2 billion has now flowed into spot Bitcoin ETFs over the past five trading days.
“That’s about what physical gold ETFs have taken in over the past year,” he exclaimed.
US spot Bitcoin ETFs have now accumulated more than 950,000 BTC, which is almost as much as the creator, Satoshi Nakamoto, who has stashed across various wallets.
BlackRock’s iShares Bitcoin Trust (IBIT) was the leader of the pack, with an inflow of $309 million. This brings the total flow figure for the product to $22.7 billion.
The Ark 21Shares (ARKB) fund was the second highest for the day, with an inflow of $100.2 million. Even Grayscale’s higher fee GBTC fund saw an inflow of $45.7 million.
However, its net flows are negative $20 billion, which has brought the total down to around half of what it may have been.
ETFs Buy 7032 #Bitcoin Today
That’s 31,600 BTC over the last week.
Over $2 Billion in flows
The wave is building pic.twitter.com/vG5a08kqh5
— Thomas | heyapollo.com (@thomas_fahrer) October 18, 2024
ETH ETFs Are Back
Spot Ethereum ETFs have not had the same appeal, however, Oct. 17 saw the largest inflow since late September for the nine funds.
A total net inflow of $48.4 million was reported by Farside Investors. Fidelity’s Ethereum ETF (FETH) led the pack with an inflow of $31.1 million, bringing its total to almost $500 million. BlackRock’s iShares Ethereum Trust (ETHA) was second with an inflow of $23.6 million, bringing the total inflow to $1.26 billion.
Grayscale’s Ethereum Trust (ETHE) continues to bleed with an outflow of $15.7 million and a total loss of $3 billion since it was converted to a spot ETF. The product is dragging down the rest resulting in a total flow figure for all Ethereum funds being an outflow of $469 million.
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