Hold onto your hats, crypto enthusiasts! Spot Bitcoin exchange-traded funds (ETFs) have just hit a towering milestone, with a whirlwind week of institutional investments pushing inflows over the $20 billion mark. Yes, you heard that right—$20 billion!
In an epic week, these eleven US-based spot Bitcoin ETFs saw their coffers fill up like never before, hitting a total of $20.73 billion in inflows. It's a feat that has ETF experts like Bloomberg’s Eric Balchunas buzzing, as getting those numbers to climb in the ETF world is no easy task. Just for some perspective, gold ETFs took half a decade to reach similar heights. Talk about a Bitcoin blitz!
On October 17 alone, these funds saw an impressive net inflow of $470.5 million, making it the fifth day of positive flows in a row. Over the past week, they’ve raked in a jaw-dropping $1.85 billion—and that doesn’t even include Friday! Nate Geraci from ETF Store pointed out that this influx is about the same as what gold ETFs have seen in an entire year. Talk about striking gold, or in this case, Bitcoin!
Currently, these ETFs have amassed over 950,000 BTC, nearly matching the legendary stash of Bitcoin’s creator, Satoshi Nakamoto. Leading the charge is BlackRock’s iShares Bitcoin Trust (IBIT), which alone saw an inflow of $309 million, bringing its total to a staggering $22.7 billion. Close on its heels is the Ark 21Shares (ARKB) fund with $100.2 million in inflows. Even Grayscale’s GBTC fund, despite its higher fees, managed to attract $45.7 million.
But it’s not all sunshine and rainbows; Grayscale has seen some net outflows, affecting the overall numbers. Meanwhile, the spotlight on Ethereum ETFs isn’t as bright, but there’s still some action! October 17 marked the largest inflow since late September, with $48.4 million pouring in. Fidelity’s Ethereum ETF (FETH) led the pack with $31.1 million, while BlackRock’s Ethereum Trust (ETHA) followed with $23.6 million. However, Grayscale’s Ethereum Trust (ETHE) is still struggling, dragging the overall Ethereum fund flows into the red by $469 million.
So, there you have it—a rollercoaster ride in the world of crypto ETFs, with Bitcoin leading the charge and Ethereum trying to catch up. Who knows what the next twist in this thrilling saga will bring? Stay tuned!
