On October 17, exchange-trade bitcoins ETFs began for the fifth daily inflow, with BlackRock’s IBIT for the third time. Using two data sources, we observed that the combined inflows of 12 spot Bitcoin ETFs were $470.48 million on that day, whereas the total net inflows into Bitcoin ETFs over the last five trading days went above $2.1 billion.
Specifically, BlackRock’s IBIT ETF levered the charge with $309 million in inflows on October 17, according to SoSoValue. This was for the third subsequent day of the ETF performance in a market ahead of its rivals. Signages of other major players were also very prominent throughout this streak regarding inflows. ARK Invest and 21Shares’ ARKB ETF raked in $100.2 million in inflows, while Grayscale’s GBTC ETF saw $45.7 million.
Its FBTC ETF received $11.96 million in inflows, while Franklin Templeton’s EZBC ETF was on $3.88 million. However, three other spot Bitcoin ETFs created no fresh inflows on October 17.
As the capital inflows continue to flow in, the total net asset value of the spot Bitcoin ETFs has gone past $20 billion to $20.66 billion by October 17.
Bitcoin ETFs Reflect Gold’s Growth Amid Market Dynamics, Analysts Say
ETF analyst Eric Balchunas at Bloomberg deemed the event necessary enough to tweet it on October 17, noting that getting to this level was akin to the growth of gold ETFs, which took nearly five years to achieve. As for the current trend, ETF Store president Nate Geraci stated the current situation as “vacuuming up” capital and pointed to the dynamism in the market.
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
The achievement was made when BTC’s price went past the psychological $65,000 level, an important landmark for investors after BTC fell below it on September 30. At the time of writing, one BTC sold at $67,839, with gains of 0.7% in the last 24 hours. The intraday range was $66,738 and $68,159.
iShares Bitcoin ETF has now taken in $760mil in past 3 days…
*$760mil*
Now $22.5bil since January launch.
Just vacuuming up $$$. https://t.co/V277giJBx5
— Nate Geraci (@NateGeraci) October 17, 2024
Similar to what was observed in the Bitcoin ETFs, the Ethereum-anchored ETFs were on the right side of the flow on October 17. The nine available spot Ethereum ETFs saw $48.41 million in assets pour following the prior day’s $24.22 million.
Fidelity’s FETH and BlackRock’s ETHA ETFs were the trailblazers, receiving $31.12 million and $23.56 million, respectively. Grayscale Ethereum Mini Trust, 21Shares CETH, Biwise ETHW, and Invesco QETH received $5.13 million, $2.33 million, $1.49 million, and $518643, respectively.
Nonetheless, the newly launched spot Ethereum ETFs have seen a net outflow of $481.9 million YTD due to higher volatility in the current market. As this report is written, Ethereum is at $2,619.
The constant inflow across Bitcoin and Ethereum ETFs demonstrates increasing investor demand while the market remains bullish. However, these assets are also ambiguous and fluctuate in performance, which increases investors’ concern as the future of cryptocurrency ETFs seems uncertain.
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