On October 28, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $479.35 million in inflows, marking their fourth consecutive day of net inflows, while spot Ether ETFs experienced a notable slowdown in outflows.
Data from SoSoValue reveals that the majority of the inflows came from BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, which saw $315.2 million enter the fund. This extension of IBIT’s inflow streak to 10 days has resulted in cumulative net inflows of $24.3 billion since its launch.
Other Bitcoin ETFs also benefitted from the trend, with ARK 21Shares’ ARKB and Fidelity’s FBTC receiving inflows of $59.78 million and $44.12 million, respectively. Additionally, Biwise’s BITB and the Grayscale Bitcoin Mini Trust contributed with inflows of $38.67 million and $21.59 million, respectively. Notably, no Bitcoin ETFs, including Grayscale’s flagship GBTC, reported outflows on October 28; however, GBTC has seen a cumulative net outflow of $20.11 billion since its inception.
With these substantial inflows, the total Bitcoin held by U.S. spot Bitcoin ETF issuers has surged to 976,893 BTC, valued at over $69.3 billion, which constitutes nearly 5% of Bitcoin’s $1.34 trillion market capitalization. The current momentum suggests that cumulative holdings could reach the historic milestone of 1 million BTC this week, requiring an additional $1.64 billion in net inflows to bridge the remaining gap of 23,107 BTC. To achieve this by the week’s end, ETFs would need to maintain an average daily inflow of $328 million.
The surge in demand for Bitcoin ETFs has pushed total inflows to over $3.5 billion in October, coinciding with a 5% price increase that brought Bitcoin to a four-month high of $71,500 before settling around $70,980. Investor sentiment has been buoyed by potential outcomes of the upcoming U.S. election, anticipated interest rate adjustments from the Federal Reserve, and Russia’s expected lifting of its Bitcoin mining ban in November.
In contrast, spot Ether ETFs in the U.S. saw a deceleration in outflows on October 28, with only $1.14 million exiting the funds compared to $19.16 million the previous day. Grayscale’s ETHE accounted for the majority of the outflows with $8.44 million withdrawn. However, this was partially offset by inflows into Fidelity’s FETH and BlackRock’s ETHA, which received inflows of $5.02 million and $2.28 million, respectively. The remaining spot Ether ETFs reported no net flows for the day.
This modest decrease in Ether ETF outflows aligns with a broader market upswing, as Ethereum rose 3.6% to $2,611.
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