Key Points
- U.S.-based spot Bitcoin ETFs recorded a significant $253.6 million net inflow on October 11, ending a three-day streak of outflows.
- Fidelity and ARK 21Shares led the inflows, while BlackRock’s iShares Bitcoin Trust (IBIT) had no flow, marking the third-largest inflow day without IBIT’s contribution.
Bitcoin ETF Market Rebounds
After three consecutive days of outflows totaling $140 million between October 8 and 10, the U.S. spot Bitcoin ETF market experienced a robust rebound on October 11. The day saw a substantial net inflow of $253.6 million, more than offsetting the previous days’ losses.
Fidelity Wise Origin Bitcoin Fund led the charge with a net inflow of $117.1 million, followed closely by ARK 21Shares Bitcoin ETF with $97.6 million. Bitwise Bitcoin ETF also saw its largest inflow in 11 trading days, bringing in $38.8 million. Invesco Galaxy and VanEck Bitcoin ETFs also recorded positive flows.
Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT), which has been a consistent top performer, recorded no flow on this day. Despite IBIT’s absence, the day still marked the third-largest combined inflow without its contribution.
Market Leaders and Milestones
While the spot Bitcoin ETF market saw significant inflows, the Grayscale Bitcoin Trust continued its trend of outflows, losing another $22.1 million. However, the overall market sentiment remained positive, coinciding with a 7.3% Bitcoin rally that saw prices reach a local high of $63,360 before settling at $62,530.
BlackRock maintains its position as the leader among spot Bitcoin ETF issuers with $21.7 billion in total net inflows. Fidelity is on the cusp of a major milestone, just $15 million shy of surpassing the $10 billion mark. ARK 21Shares and Bitwise are the only other issuers with net inflows exceeding $2 billion.
The total net inflows across all spot Bitcoin ETFs currently stand at an impressive $18.9 billion, which factors in over $20 billion in outflows from the Grayscale Bitcoin Trust.
Ethereum ETFs Struggle to Gain Traction
In contrast to the Bitcoin ETF market’s recovery, Ethereum ETFs continue to face challenges. October 11 marked the third time in five trading days that seven out of nine U.S.-based spot Ether ETFs recorded no flow. The combined spot Ether ETFs saw a minimal net outflow of $0.1 million, with the only inflows coming from the Fidelity Ethereum Fund.
The Grayscale Ethereum Trust experienced an outflow of $8.7 million, while ETH ETFs issued by 21Shares, VanEck, and Invesco have now seen at least eight consecutive days without any flow.
As the cryptocurrency ETF market continues to evolve, the contrasting performances of Bitcoin and Ethereum funds highlight the varying investor sentiments and market dynamics within the digital asset space.
