Spot Bitcoin ETFs record over $2.1b inflows in five-day streak, breaking $20b mark

Spot Bitcoin exchange-traded funds recorded inflows for the fifth consecutive day for the third consecutive session, led by BlackRock’s IBIT on Oct. 17.

Total inflows across the 12 spot Bitcoin ETFs reached an impressive $470.48 million on the day, marking a cumulative total inflow of over $2.1 billion over the last five trading days.

BlackRock’s IBIT ETF led the inflow surge, pulling in $309 million on Oct. 17, according to data from SoSoValue. This performance marked IBIT’s leadership for the third consecutive day.

While BlackRock’s IBIT ETF continues to lead the way, other major players have also added to the ongoing series of entries. ARK Invest and 21Shares’ ARKB ETF received inflows of $100.2 million, while Grayscale’s GBTC ETF received inflows of $45.7 million.

Additional support came from Fidelity’s FBTC, which recorded an inflow of $11.96 million, and Franklin Templeton’s EZBC, which recorded an inflow of $3.88 million. However, seven other spot Bitcoin ETFs remained neutral with no inflows recorded on October 17.

With these ongoing inflows, total net inflows into spot Bitcoin ETFs reached $20.66 billion, exceeding $20 billion as of October 17.

Bloomberg ETF analyst Eric Balchunas emphasized the importance of this achievement in an Oct. 17 post, noting that passing the $20 billion threshold is one of the most challenging and critical metrics in the ETF world. He compared this milestone to gold ETFs, which took about five years to reach the same level.

ETF Store president Nate Geraci echoed these sentiments, describing the current flow trend as a “drainage” of capital.

Spot Bitcoin ETFs exceeding $20 billion in cumulative inflows coincides with Bitcoin price rising above the $65,000 level, a milestone investors have been eagerly awaiting since the price crashed below on September 30.

At the time of writing, Bitcoin (BTC) was trading at $67,839, up 0.7% in the last 24 hours. Its intraday price ranged from $66,738 to $68,159, continuing the bullish momentum in the market.

Spot Ethereum ETFs see modest gains

Meanwhile, Ethereum-focused ETFs also witnessed positive inflows. On October 17, nine existing spot Ethereum ETFs recorded total inflows of $48.41 million, up from $24.22 million the previous day.

Fidelity’s FETH and BlackRock’s ETHA ETFs led the rise, pulling in $31.12 million and $23.56 million, respectively.

Other contributing companies include Ethereum Mini Trust from Grayscale, CETH from 21Shares, ETHW from Biwise, and Invesco with inflows of $5.13 million, $2.33 million, $1.49 million, and $518.64 thousand respectively. QETH took part.

Despite these recent gains, spot Ethereum ETFs have experienced a cumulative net outflow of $481.9 million to date; This reflects the more volatile nature of the asset in the current market environment. At the time of writing, Ethereum (ETH) was trading at $2,619.