Bitcoin's recent price surge has sparked significant interest in exchange-traded funds (ETFs). On October 14, spot Bitcoin ETFs in the United States recorded their largest inflow in over four months, totaling more than $555 million.
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A Record Day for Bitcoin ETFs
Data from Farside Investors shows that the 11 spot Bitcoin ETFs attracted $555.9 million on October 14, marking their biggest daily inflow since early June. This surge coincided with Bitcoin reaching a two-week high of $66,500.
Nate Geraci, President of ETF Store, called it a "monster day" for Bitcoin ETFs. He noted that these funds are nearing $20 billion in net inflows over the past ten months. “This is simply ridiculous and blows away every pre-launch demand estimate,” he stated. He emphasized that the influx comes from financial advisers and institutional investors increasing their positions in Bitcoin.
Leading ETFs and Their Inflows
The Fidelity Wise Bitcoin Origin Fund (FBTC) led with an inflow of $239.3 million, its highest since June 4. Other notable performers include:
Bitwise Bitcoin ETF (BITB): Over $100 million
BlackRock’s iShares Bitcoin Trust (IBIT): $79.6 million
Ark 21Shares Bitcoin ETF (ARKB): Just under $70 million
Grayscale Bitcoin Trust (GBTC): $37.8 million, its first inflow for October and highest since early May
This surge in inflows highlights a growing trend among investors viewing Bitcoin as a viable asset.
Comparing Bitcoin and Gold ETFs
Bloomberg senior ETF analyst Eric Balchunas compared Bitcoin ETFs to gold-based products. Since January, Bitcoin ETFs have reached an all-time high five times. In contrast, gold has hit record highs 30 times this year, yet gold ETFs have attracted only $1.4 billion in net inflows, compared to over $19 billion for Bitcoin ETFs.
Ethereum Funds Lag Behind
While Bitcoin ETFs thrived, Ethereum-related funds did not share the same momentum. Bitwise, VanEck, Franklin, and Grayscale reported zero net flows, with only minor inflows for Fidelity and Invesco. The BlackRock iShares Ethereum Trust (ETHA) saw an inflow of $14.3 million, bringing its total to $17 million.
The significant inflows into Bitcoin ETFs indicate strong interest in cryptocurrency investments as Bitcoin prices rise.
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