Bitcoin ETFs top $20M in inflows, with $1.8B added this week

The eleven spot Bitcoin ETFs in the United States have collectively surpassed $20 billion in inflows this week. Thursday’s big inflow added to that total flow figure, which was $20.73 billion, according to Farside Investors.

Eric Balchunas, senior ETF analyst at Bloomberg, said this was the most important number because it is the “hardest metric to grow in the ETF world.” For context, it took gold ETFs about five years to reach the same number, he added.

Bitcoin ETFs have surpassed $20B in total net flows (the most imp number, the hardest metric to grow in the ETF world) for the first time after a huge $1.5B week. For context, it took gold ETFs about 5 years to reach the same number. Total assets now $65 billion, also a record high. pic.twitter.com/edldEimfqd

— Eric Balchunas (@EricBalchunas) October 17, 2024

Bitcoin ETF Flows

An aggregate net inflow of $470.5 million was recorded for the eleven funds on October 17, marking the fifth consecutive day of trading in the green. That means they’ve racked up $1.85 billion this week alone, not counting Friday’s flows.

ETF Shop President Nate Geraci noted that more than $2 billion has now flowed into local Bitcoin ETFs over the past five trading days.

“That’s what physical gold ETFs have taken over the last year,” he exclaimed.

Local US Bitcoin ETFs have now accumulated more than 950,000 BTC, almost as much as the creator, Satoshi Nakamoto, who has hidden several wallets.

BlackRock’s iShares Bitcoin Trust (IBIT) led the pack, with $309 million inflows. This brings the total product flow figure to $22.7 billion.

The Ark 21Shares fund ( ARKB ) was the second highest of the day, with an inflow of $100.2 million. Even Grayscale’s highest-fee GBTC fund saw an inflow of $45.7 million.

However, its net flows are negative $20 billion, bringing the total down to about half of what it could have been.

ETFs Buy 7032 #Bitcoin today

That’s 31,600 BTC in the last week.

Over $2 billion in flows

The wave is building pic.twitter.com/vG5a08kqh5

— Thomas | heyapollo.com (@thomas_fahrer) October 18, 2024

ETH ETFs are back

Spot Ethereum ETFs haven’t had the same appeal, however, with October 17 seeing the biggest inflow since late September for the nine funds.

Farside Investors reported total net inflows of $48.4 million. Fidelity Ethereum ETF ( FETH ) led the pack with $31.1 million inflows, bringing the total to nearly $500 million. BlackRock’s iShares Ethereum Trust ( ETHA ) came in second with $23.6 million inflows, bringing total inflows to $1.26 billion.

Grayscale’s Ethereum Trust (ETHE) continues to bleed with a $15.7 million outflow and a total loss of $3 billion since becoming a spot ETF. The product is dragging the rest, resulting in a total flow figure for all Ethereum funds that is an outflow of $469 million.

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