Substantial Inflows for Bitcoin ETFs Following Brief Outflow Period

On October 11, Bitcoin exchange-traded funds (ETFs) in the United States experienced a notable inflow of approximately $253.6 million, marking a significant reversal after three days of outflows.

The largest contributor to this influx was the Fidelity Wise Origin Bitcoin Fund, which attracted a net inflow of $117.1 million. Other noteworthy funds included:

• ARK 21Shares Bitcoin ETF: $97.6 million
• Bitwise Bitcoin ETF: $38.8 million (its largest inflow in over a week)
• Invesco Galaxy Bitcoin ETF and VanEck Bitcoin ETF, both of which also recorded inflows.

Conversely, BlackRock’s iShares Bitcoin Trust (IBIT) and several other ETFs, including those from Franklin Templeton, Valkyrie, and WisdomTree, saw no contributions on that day. This represents the third largest inflow date that did not include any contribution from BlackRock’s IBIT.

In contrast, the Grayscale Bitcoin Trust reported a decline of $22.1 million during the same period.

The recent inflow of $253.6 million surpassed the total outflow of $140 million witnessed between October 8 and 10. This uptick followed a Bitcoin rally, peaking at $63,360 on October 11, before settling around $62,530, according to data from CoinGecko.

Currently, BlackRock leads the rankings for Bitcoin ETF issuers with total net inflows of $21.7 billion, while Fidelity is approaching the $10 billion mark, with $15 million remaining. ARK 21Shares and Bitwise are the only other firms with net inflows exceeding $2 billion.

Overall, the cumulative net inflows across all spot Bitcoin ETFs have reached $18.9 billion, significantly impacted by over $20 billion in outflows from the Grayscale Bitcoin Trust.

Ethereal ETFs Struggling for Momentum

On October 11, seven out of nine US-based spot Ether (ETH) ETFs reported no inflows, marking the third occurrence of such stagnation in just five trading days. The combined result for these funds was a meager net outflow of $0.1 million, primarily driven by the inflow from the Fidelity Ethereum Fund, according to Farside Investors.

Moreover, the Grayscale Ethereum Trust experienced a further outflow of $8.7 million. Several ETFs, including those from 21Shares, VanEck, and Invesco, have faced a streak of at least eight trading days with zero inflows.

The lack of demand for spot Ether ETFs, contrasting with the positive activity in Bitcoin ETFs, may be linked to the timing of their launch, as noted by Bitstamp’s regional CEO for the Americas, Bobby Zagotta. He stated:

“In this moment, people are waiting. I think they’re in the wait-and-see mode because of the uncertainty in the election, the regulatory issues in the US, and various sociopolitical factors — everything feels relatively flat right now.”

Some industry experts suggest that there’s a perception gap regarding Ethereum’s intricate technical roadmap, complicating its valuation within traditional investment circles.