Key Points
- U.S. spot Bitcoin ETFs attracted $479.4 million in net inflows on October 28, marking the highest daily inflow in two weeks, with BlackRock’s IBIT leading the charge at $315 million.
- Bitcoin’s price reached a new milestone since June, trading at $71,200, while Ethereum ETFs faced modest outflows amid a broader market rally.
Record-Breaking ETF Inflows
According to SoSoValue, U.S. spot Bitcoin exchange-traded funds (ETFs) demonstrated strong investor confidence on Monday, October 28, recording $479.35 million in net inflows – their highest daily figure in two weeks. BlackRock’s IBIT maintained its dominant position, securing $315.19 million in inflows and extending its positive flow streak to 11 consecutive days.
Other major ETF providers also saw significant inflows, with ARKB (Ark and 21Shares) and Fidelity’s FBTC attracting $59.78 million and $44.12 million respectively. Bitwise’s BITB and Grayscale’s BTC similarly performed well, drawing in $38.67 million and $21.59 million. The day’s total trading volume across all 12 Bitcoin ETFs reached $3 billion, showing an increase from Friday’s $2.9 billion.
Market Performance and Price Action
The surge in ETF inflows coincided with a significant uptick in Bitcoin’s price, which rose 4.75% over 24 hours to reach $71,200 – its highest level since June. The broader crypto market showed strength as well, with Ethereum gaining 5.11% to trade at $2,619.
Ethereum ETF Dynamics
In contrast to Bitcoin ETFs’ success, spot Ethereum ETFs experienced modest net outflows of $1.14 million on Monday, an improvement from Friday’s $19.16 million outflow. Grayscale’s ETHE was the primary source of outflows at $8.44 million, though this was partially offset by inflows into competing products. Fidelity’s FETH and BlackRock’s ETHA attracted $5.02 million and $2.28 million respectively, suggesting a redistribution of investments among ETF providers rather than a sector-wide exodus. The total trading volume for Ethereum ETFs remained relatively stable at $187.49 million, showing a slight decrease from Friday’s $189.88 million.
