Spot Bitcoin ETFs see four straight days of inflows, surpassing $1.6b, Ether ETFs rebound

Spot Bitcoin ETFs in the US had their fourth consecutive day of net inflows, while spot Ether ETFs reversed course, returning to net positive flows.

Data from SoSoValue shows that 12 spot Bitcoin ETFs recorded net inflows of $458.54 million on October 16, marking the fourth consecutive day of positive inflows. During this period, funds accumulated more than $1.63 billion.

BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, continues its dominance, recording the highest net inflow for the second day in a row. On October 16, IBIT recorded an impressive inflow of $393.4 million, its biggest single-day gain since July 22. The fund has generated cumulative net inflows of $22.46 billion since its launch.

Other major players also contributed to the increase in entries. Fidelity’s FBTC at $14.81 million, Bitwise’s BITB at $12.93 million, Franklin Templeton’s EZBC at $11.79 million, and Ark 21Shares’ ARKB at $11.51 million. noted.

Invesco Galaxy’s BTCO, VanEck’s HODL, and Valkyrie’s BRRR brought in $6.43 million, $5.75 million, and $1.92 million, respectively.

The remaining spot Bitcoin ETFs, including Grayscale’s GBTC, did not see any activity. Grayscale’s GBTC has experienced a cumulative net outflow of $20.14 billion since its inception.

The crypto asset manager is now preparing to take a bold step by trying to launch the first ETF to hold multiple cryptocurrencies, including Bitcoin, Ether, Solana and XRP.

According to Bloomberg analyst Eric Balchunas, the company aims to convert the Grayscale Digital Large Cap Fund (GDLC) into this hybrid crypto ETF.

Given that Bitcoin and Ether make up more than 90% of assets, he believes there is a chance of approval despite concerns about smaller portions of illiquid assets.

If successful, Grayscale could position itself ahead of competitors in the race for a diversified crypto ETF.

Meanwhile, total net inflows into US spot Bitcoin ETFs exceeded $20 billion for the first time since their launch in January; This is an important milestone for the emerging market.

Bitcoin (BTC) is moving sideways in the market as spot Bitcoin ETFs continue to attract significant capital. BTC was trading at around $67,300 as of October 17, after briefly surpassing a two-month high of $68,250 the day before.

Bitcoin’s market cap remains strong at $1.33 trillion and daily trading volume exceeds $36 billion.

Ether ETFs recover after negative flows

Alongside the resurgence in Bitcoin ETFs, spot Ether ETFs are also showing signs of recovery. Nine US-based spot Ether ETFs reversed direction on October 16, recording a net inflow of $24.22 million, after recording a net outflow the previous day.

BlackRock’s ETHA led the way with an entry of $11.89 million, while Fidelity’s FETH and VanEck’s ETHV brought in $8.5 million and $3.83 million, respectively.

The remaining ETH ETFs did not see any trading activity on the day.

Spot Ether ETFs experienced a total net outflow of $530.3 million. At the time of publication, Ethereum (ETH) was changing hands at $2,628.