Bitcoin ETFs log 4-day inflow streak with $479m, Ether ETFs face outflows

On October 28, U.S. spot Bitcoin exchange-traded funds (ETFs) saw substantial inflows, totaling $479.35 million, marking their fourth consecutive day of positive net inflows. BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, dominated the inflows with $315.2 million, extending its streak of net inflows to 10 days. Since launching, IBIT has attracted $24.3 billion in cumulative inflows, making it a major player in the Bitcoin ETF market.

Other Bitcoin ETFs also experienced inflows, including ARK 21Shares’ ARKB and Fidelity’s FBTC, which saw $59.78 million and $44.12 million in inflows, respectively. Smaller contributions came from Biwise’s BITB and Grayscale’s Bitcoin Mini Trust, with inflows of $38.67 million and $21.59 million, respectively. Notably, Grayscale’s GBTC did not report any outflows on October 28, though it remains marked by a $20.11 billion cumulative net outflow since inception.

As a result of these inflows, the total Bitcoin held by U.S. spot Bitcoin ETFs has risen to 976,893 BTC, worth over $69.3 billion. This represents nearly 5% of Bitcoin’s total market capitalization, which is currently $1.34 trillion. With an additional $1.64 billion in inflows needed to reach 1 million BTC, ETFs would need to sustain an average daily inflow of $328 million to hit this milestone by the end of the week.

The surge in demand for Bitcoin ETFs comes amid a 5% increase in Bitcoin’s price, which hit a four-month high of $71,500 before consolidating around $70,980. Investor sentiment is buoyed by expectations surrounding the U.S. election, the Federal Reserve’s interest rate decisions, and Russia’s potential lifting of its Bitcoin mining ban in November.

Ether ETFs, on the other hand, saw a slowdown in outflows on October 28, with just $1.14 million exiting the funds, a significant drop from the $19.16 million of outflows the day before. Grayscale’s ETHE saw the largest outflow, with $8.44 million withdrawn, although this was partially offset by inflows into Fidelity’s FETH and BlackRock’s ETHA, which received $5.02 million and $2.28 million respectively. Ethereum (ETH) also saw a price increase, rising 3.6% to $2,611, contributing to the reduced outflows from Ether ETFs.

In summary, Bitcoin ETFs are seeing robust demand, with significant inflows propelling the total Bitcoin held by these funds close to the 1 million BTC milestone. Meanwhile, Ether ETFs are experiencing a decrease in outflows, reflecting a positive market trend for Ethereum.