Key Points
- Bitcoin ETFs experienced their fifth day of inflows, led by BlackRock’s IBIT, with a total of over $2.1 billion in the last five trading days.
- Ethereum ETFs also saw positive inflows, despite a cumulative net outflow to date.
On October 17th, Bitcoin exchange-traded funds (ETFs) saw their fifth day of consecutive inflows, primarily driven by BlackRock’s IBIT for the third day in a row.
The total inflows for the 12 Bitcoin ETFs reached an impressive $470.48 million on that day, bringing the five-day trading total to over $2.1 billion.
Leading Bitcoin ETFs
According to data from SoSoValue, BlackRock’s IBIT ETF was at the forefront of this surge, drawing in $309 million on October 17th. This marked the third day of IBIT’s consecutive leadership.
Other significant contributors to the inflow streak included ARK Invest and 21Shares’ ARKB ETF with $100.2 million, and Grayscale’s GBTC ETF with $45.7 million. Fidelity’s FBTC and Franklin Templeton’s EZBC also added to the inflows with $11.96 million and $3.88 million respectively. However, seven other Bitcoin ETFs recorded no inflows on that day.
With these continuous inflows, the total net inflows into Bitcoin ETFs surpassed the $20 billion mark, reaching $20.66 billion as of October 17th.
The Significance of $20 Billion Inflows
Bloomberg ETF analyst Eric Balchunas highlighted the significance of crossing the $20 billion threshold, comparing it to gold ETFs which took about five years to achieve the same. ETF Store president Nate Geraci described the current inflow trend as a “vacuuming up” of capital.
The milestone of Bitcoin ETFs surpassing $20 billion in cumulative inflows coincided with Bitcoin’s price rising above the key $65,000 level. At the time of writing, Bitcoin (BTC) was trading at $67,839, sustaining the bullish momentum in the market.
Ethereum ETFs Also See Positive Inflows
In the meantime, Ethereum-focused ETFs also registered positive inflows. On October 17th, the nine available Ethereum ETFs reported a combined $48.41 million in inflows.
Fidelity’s FETH and BlackRock’s ETHA ETFs led the pack, attracting $31.12 million and $23.56 million, respectively. Other contributors included Grayscale’s Ethereum Mini Trust, 21Shares’ CETH, Biwise’s ETHW, and Invesco’s QETH.
Despite these recent gains, Ethereum ETFs have seen a cumulative total net outflow of $481.9 million to date, reflecting the asset’s volatility in the current market. At the time of writing, Ethereum (ETH) was trading at $2,619.
