Bitcoin Spot ETFs Break Records as Ethereum Funds Struggle

On October 11, the twelve U.S. spot Bitcoin ETFs recorded net inflows totaling $253.54 million. The excitement continued on October 14, when Bitcoin spot ETFs experienced their largest single-day inflow in over four months.

U.S. spot Bitcoin exchange-traded funds (ETFs) enjoyed strong inflows on Oct. 11, with 12 ETFs recording a total net inflow of $253.54 million.

This marked a significant increase from the previous day's inflows of $147.19 million. Among the top performers were Fidelity's Bitcoin ETF (FBTC), which attracted $117.10 million in inflows, and Ark Invest's ARKB, which saw inflows of $97.58 million.

Other notable performers included Bitwise's BITB, which attracted $38.81 million in inflows, and Invesco's BITO, which saw inflows of $26.26 million. Notably, the majority of the inflows were directed towards ETFs that began trading in late September or early October.

In contrast, the nine spot Ethereum ETFs faced modest outflows, with a total of approximately $97,110. Among these ETFs, only two managed to secure net inflows. Fidelity's FETH managed to capture $8.61 million, while Grayscale's ETHE experienced a slight decline, giving back $8.71 million.

Meanwhile, on Oct. 14, the excitement continued as Bitcoin spot ETFs experienced their largest single-day inflow in over four months. On this day, these ETFs attracted a total of $555.9 million in net inflows, which is the highest single-day inflow since early June.

This influx of資金coincided with Bitcoin reaching a two-week high of $66,500. The last time Bitcoin ETFs saw a higher single-day inflow was on June 4, when these funds attracted an all-time high of $723.3 million in net inflows.

The Fidelity Wise Bitcoin Origin Fund (FBTC) once again led the inflows with $239.3 million, marking the fund's highest inflow since June 4. Bitwise's BITB and BlackRock's iShares Bitcoin Trust (IBIT) also had impressive inflows, with $100 million and $79.6 million, respectively.

Ark Invest's ARKB saw inflows of just under $70 million, while Grayscale's GBTC recorded its first inflow of October, adding $37.8 million. Nate Geraci, President of the ETF Store, described the day as a “monster day” for Bitcoin ETFs, and noted that these funds are now approaching $20 billion in net inflows over the past ten months.

According to ETF industry tracker Eric Balchunas, these inflows into Bitcoin ETFs are quite substantial, especially when compared to other asset classes. In 2022, to-date, gold ETFs have experienced only $1.4 billion in net inflows.

Meanwhile, in other related news, BlackRock CEO Larry Fink made strong statements supporting Bitcoin during the Q3 earnings call, describing it as an asset class in its own right. He went on to compare it to traditional commodities like gold and indicated that BlackRock is engaging with global institutions about potential Bitcoin allocations.

However, the situation was different for Ethereum funds with Bitwise, VanEck, Franklin, and Grayscale reporting zero net flows. Fidelity and Invesco managed to achieve only minor inflows.

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