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Bitcoin and Ethereum ETFs See $33M Inflows, Reflecting Strong Market Demand

Barbara Streisand

Oct 06, 2024 pm 03:16 PM

Ethereum BitcoinSpot ETF

US Bitcoin and Ethereum exchange-traded funds sought $33 million of assets reflecting high interest in the cryptocurrency market.

Bitcoin and Ethereum ETFs See M Inflows, Reflecting Strong Market Demand

Major US Bitcoin and Ethereum exchange-traded funds (ETFs) saw a combined asset increase of $33 million last week, highlighting the sustained interest in the cryptocurrency market.

Collectively, Bitcoin ETFs experienced outflows of $302 million during the week, with three out of five trading days recording outflows. On the other hand, Ethereum ETFs experienced outflows of $30.4 million, again with three out of five trading days seeing outflows.

Bitcoin ETFs Lead InflowsThe Bitwise BITB fund experienced the largest inflows among Bitcoin ETFs, with $15.3 million. Fidelity’s FBTC ETF was next with $13.6 million in new investments, followed by VanEck’s HODL ETF with $5.3 million.

Other notable inflows came from the ARK 21Shares (ARKB), BlackRock (IBIT), and Invesco (BTCO) funds, each contributing over $5.3, $0, and $0, respectively. However, Grayscale’s (GBTC) fund saw an outflow of $13.9 million, partially offsetting the net inflows.

Despite this, Bitcoin ETFs collectively attracted $25.6 million, reflecting strong demand.

On the Ethereum side, BlackRock’s ETHA ETF led the inflows with $14.7 million, accounting for the bulk of Ethereum ETF investments daily. Bitwise’s ETHW fund followed with $0.9 million, while Franklin’s EZET and VanEck’s ETHV ETFs contributed smaller amounts.

Once again, Grayscale’s (ETHE) fund faced a substantial outflow of $8.2 million, marking the largest Ethereum ETF withdrawal of the day. However, Ethereum ETFs still recorded a positive net inflow of $7.4 million.

Investor Interest Remains StrongAs per the data shared by SpotOnChain, the flow into Bitcoin and Ethereum ETFs on October 4 showcases the demand for mainstream products to provide exposure to digital assets through traditional investment vehicles directly.

The increasing interest in spot ETFs, particularly in the United States, highlights the growing preference for direct exposure to Bitcoin ($BTC) and Ethereum ($ETH) as a store of value. This trend indicates that more ETFs will enter the market to capitalize on this surging demand for digital currencies.

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