Key Points
- Spot bitcoin ETFs in the U.S. recorded $555.8 million in net inflows on Monday, October 14, 2024, marking the largest inflow since June 4.
- Fidelity’s FBTC led the bitcoin ETF inflows with $239.25 million, while spot ether ETFs saw smaller but positive net inflows totaling $17.07 million.
Record-Breaking Day for Bitcoin ETFs
Per SoSoValue, U.S. spot bitcoin exchange-traded funds (ETFs) experienced their largest net inflows since early June on Monday, October 14, 2024. The total net inflows reached an impressive $555.8 million, with ten out of twelve spot bitcoin ETFs reporting positive flows.
Fidelity’s FBTC emerged as the frontrunner, attracting $239.25 million in net inflows. Bitwise’s BITB secured the second position with $100 million, followed by BlackRock’s IBIT – the largest spot bitcoin ETF by net assets – which saw $79.5 million in net inflows. Ark & 21Shares’ ARKB and Grayscale’s GBTC also performed well, with inflows of nearly $70 million and over $37 million, respectively.
The surge in interest was further evidenced by the trading volume, which reached $2.61 billion across the 12 spot bitcoin funds – the highest level since August 23. BlackRock’s IBIT fund dominated the trading activity, accounting for $1.67 billion of this volume.
Since their launch in January 2024, these spot bitcoin ETFs have accumulated a total net inflow of $19.36 billion, underscoring the growing appetite for regulated cryptocurrency investment vehicles.
Ether ETFs Show Positive Momentum
While bitcoin ETFs stole the spotlight, spot ether ETFs also reported encouraging figures. Net inflows for ether ETFs totaled $17.07 million on Monday, marking the most substantial positive flow for the month.
BlackRock’s IBIT led the ether ETF inflows with $14.31 million, followed by Fidelity’s FETH with $1.31 million. Invesco’s QETH and 21Shares’ CETH also recorded inflows, contributing to a total trading volume of $210.40 million for U.S. spot ether ETFs.
Despite the positive day, it’s worth noting that since their launch, spot ether ETFs have experienced a cumulative net outflow of $541.82 million, indicating a more challenging market acceptance compared to their bitcoin counterparts.
Market Implications and Future Outlook
The substantial inflows into both bitcoin and ether ETFs signal a renewed interest in cryptocurrency investments through traditional financial instruments. This trend could potentially attract more institutional investors and further legitimize cryptocurrencies as an asset class.
As the market continues to evolve, it will be crucial to monitor whether these inflows represent a sustained shift in investor sentiment or a temporary surge. The performance of these ETFs in the coming months could provide valuable insights into the broader adoption of cryptocurrencies in mainstream finance.
