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On October 17, 2024, spot Bitcoin exchange-traded funds (ETFs) saw their fifth consecutive day of inflows, led by BlackRock’s IBIT ETF for the third day in a row. The total inflows across 12 spot Bitcoin ETFs reached $470.48 million, bringing the cumulative total to over $2.1 billion in just five days.
Key highlights include:
- BlackRock’s IBIT ETF led the surge with $309 million in inflows, marking its third consecutive day at the top.
- Other major contributors were ARK Invest and 21Shares’ ARKB ETF, which attracted $100.2 million, and Grayscale’s GBTC ETF, which saw $45.7 million in inflows.
- Smaller contributions came from Fidelity’s FBTC ($11.96 million) and Franklin Templeton’s EZBC ($3.88 million). Seven other Bitcoin ETFs had no inflows on the day.
With these ongoing inflows, the total net inflows into spot Bitcoin ETFs crossed the significant $20 billion mark, reaching $20.66 billion as of October 17. Bloomberg ETF analyst Eric Balchunas highlighted that surpassing $20 billion is a crucial milestone in the ETF space, noting that it took gold ETFs about five years to achieve the same feat.
This surge in Bitcoin ETF inflows coincided with Bitcoin’s price climbing above $65,000, reaching $67,839 at press time, reflecting continued bullish momentum.
Spot Ethereum ETFs Also See Gains
Ethereum-focused ETFs saw more modest inflows on October 17. Nine spot Ethereum ETFs recorded a combined total of $48.41 million in inflows, up from $24.22 million the previous day. Leading the charge were:
- Fidelity’s FETH ($31.12 million) and
- BlackRock’s ETHA ($23.56 million).
Other contributors included Grayscale’s Ethereum Mini Trust, 21Shares’ CETH, and Biwise’s ETHW. However, spot Ethereum ETFs have experienced a cumulative net outflow of $481.9 million, reflecting Ethereum’s more volatile nature in the current market environment.
At the time of writing, Ethereum was trading at $2,619, reflecting a slight dip in the overall market.
