According to Cointelegraph: On October 11, U.S.-based spot Bitcoin exchange-traded funds (ETFs) saw a significant turnaround, recording $253.6 million in net inflows, breaking a three-day streak of outflows. This marks the third-largest inflow day on record, excluding contributions from BlackRock’s iShares Bitcoin Trust (IBIT).
The Fidelity Wise Origin Bitcoin Fund led the surge with $117.1 million in inflows, followed by ARK 21Shares Bitcoin ETF with $97.6 million, according to Farside Investors. Bitwise Bitcoin ETF saw its largest inflow in 11 trading days, raking in $38.8 million, while Invesco Galaxy and VanEck Bitcoin ETFs also recorded positive inflows.
Despite BlackRock’s IBIT and several other funds (including Franklin Templeton, Valkyrie, and WisdomTree) registering "0" flows on the day, the combined inflows more than compensated for the $140 million outflow between October 8-10. This inflow followed a 7.3% Bitcoin rally, pushing the price to $63,360 before cooling down to $62,530, per CoinGecko data.
BlackRock continues to dominate the spot Bitcoin ETF market, leading with $21.7 billion in total net inflows, while Fidelity is nearing the $10 billion milestone, just $15 million short. Meanwhile, ARK 21Shares and Bitwise are the only other Bitcoin ETF issuers with net inflows exceeding $2 billion. In total, spot Bitcoin ETFs have garnered $18.9 billion in net inflows.
Ethereum ETFs Struggle
In contrast, spot Ether ETFs are facing challenges. On October 11, seven of the nine U.S.-based spot Ethereum ETFs reported zero inflows, marking the third time this has happened in the past five trading days. Combined, Ether ETFs saw a small $0.1 million net outflow, with inflows solely from Fidelity’s Ethereum Fund, while Grayscale Ethereum Trust recorded an $8.7 million outflow.
Low demand for spot Ether ETFs compared to Bitcoin may stem from market timing and a lack of understanding of Ethereum's technical roadmap, as noted by Bitstamp Americas CEO Bobby Zagotta. Investors seem to be in a "wait-and-see" mode due to election uncertainty, regulatory concerns, and other sociopolitical factors.
