As a seasoned researcher with a penchant for all things finance and cryptocurrency, I must say the past week has been nothing short of exhilarating. The surge in net inflows into US-based spot Bitcoin ETFs, reaching a staggering $2.1 billion, is a testament to the growing institutional interest in this digital asset class. This is particularly intriguing given my own journey from skepticism to acceptance of Bitcoin’s potential as a game-changer in finance.
Last week saw impressive gains for Bitcoin ETFs based in the U.S., attracting a total of $2.1 billion in new investments. On the other hand, ETFs tracking Ethereum have experienced a change in direction, posting their third consecutive weeks of positive inflows since they first began trading in July.
Spot Bitcoin ETFs Record Highest Daily Inflow Since June
Following a resurgence in positive investment inflows around the second week of October, Bitcoin Spot ETFs have experienced an unprecedented surge in investments over the past week. This influx began with a record-breaking $555.86 million poured into these ETFs on Monday, October 14 – the highest daily investment since June 4.
Based on information from SoSoValue, Bitcoin ETFs collectively saw significant investments of comparable values for the remainder of the week, leading to a total influx of approximately $2.18 billion. This is the fourth-largest weekly net inflow these investment funds have recorded since their launch in January.
14 billion dollars were invested in BlackRock’s IBIT, making it the largest spot Bitcoin ETF with a total of 22.84 billion dollars in net inflows since its inception. Notably, Fidelity’s FBTC follows closely behind with investments worth 318.82 million dollars.
Bitwise’s BITB also attracted investments valued at $149.81 million while Grayscale’s GBTC broke a 21-week streak of outflows, recording its largest weekly inflow of $91.47 million. All other spot Bitcoin ETFs except Hashdex’s DEFI also experienced significant levels of inflows albeit below $50 million.
Currently, the combined total net investments in Bitcoin spot ETFs amount to approximately $20.98 billion. At the same time, these investment funds collectively hold assets valued at around $66.11 billion, which equates to roughly 4.89% of the overall market value of Bitcoin. The fact that this level of investment has been reached within just ten months of trading suggests a significant role for these ETFs in promoting the use and acceptance of Bitcoin.
Spot Ethereum ETFs Back To Positive Netflows
Over the last seven days, Ethereum-based ETFs have experienced a week’s worth of inflows totaling $78.98 million. Although this amount appears modest when compared to Bitcoin ETF inflows, it marks the third consecutive weekly increase in investment over the past thirteen weeks of trading.
Just like BlackRock’s Bitcoin equivalent, ETHA, accounted for the largest portion of reported figures with an inflow of approximately $49.76 million. Fidelity’s FETH followed closely behind, attracting investments worth around $43.52 million. However, overall, spot Ethereum ETFs have seen a collective net outflow of about $479.99 million, managing 2.31% of the Ethereum market cap, which is equivalent to around $7.35 billion in Ethereum.
Currently, Ethereum is being traded at approximately $2,649 and has experienced a slight increase of 0.49% over the past day. Conversely, Bitcoin’s value stands at around $68,168 after experiencing a minor drop in the last 24 hours.
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2024-10-20 16:57