The Spot Bitcoin U.S. Exchange Traded Fund (ETF) is on a roll today, with a total of $556 million in inflows across 12 funds, the highest inflow in four months. Coincidentally, at the time of the inflow, Bitcoin rebounded, hitting a two-week high of $66,500.
The single-day inflow amount was $239 million via Farside (FBTC), the highest amount since June. Other strong performers include Bitwise (BITB) with $100 million and BlackRock (IBIT), which successfully attracted new investors with $79.51 million.
Increased activity across funds
Several funds recorded inflows as the market continued to rise. Shares of ARK Invest and 21Shares (ARKB) hit nearly $70 million, while Bitcoin trust Grayscale (GBTC) lost ground in September despite struggling with massive outflows of $20 billion. It recorded its first inflow since then, bringing in just over $37 million. Since its founding.
Source: Farside Investors
Other smaller funds that recorded inflows included HODL, EZBC, BTCO, Grayscale BTC Mini Trust, and Valkyrie, whose inflows totaled more than $29 million.
Due to their expanded actions, the trading volume of these 12 Bitcoin ETFs also reached up to $2.61 billion. Analysts expect this new rally to bring in more such funds, building on the net inflows achieved over the past 10 months, which now stand at $19.36 billion. This may be due to the fact that the Bitcoin ETF invests in more than just gold-based products and has seen net inflows of $1.5 billion this year.
BTC market cap currently at $1.29 trillion. Chart: TradingView.com
Ethereum ETF lags behind Bitcoin
Compared to the Ethereum ETF, the Bitcoin ETF had the highest rate of increase, and the Ethereum ETF responded relatively well. Net inflows into the Ethereum ETF were $17 million, led by BlackRock (ETHA) with $14 million.
Image: Regtechtimes
Other funds, including Fidelity (FETH), Invesco (QETH), and 21Shares (CETH), received inflows ranging from $393,690 to $1.3 million. Ethereum ETF trading volume also increased to $210 million from $143.54 million the previous day. In fact, since its inception in July, the Ethereum ETF has recorded net outflows of $542 million.
The overall cryptocurrency market also began to recover from losses, with Bitcoin trading at $65,268. Ethereum, on the other hand, rose nearly 3% and reached the $2,594 level by the end of the day.
As Nate Geraci, president of ETF Store, put it, it was a “monster day” for the Spot Bitcoin ETF. Cryptocurrency investment products continue to gain mass appeal ahead of traditional, safer assets such as gold.
Featured image from Global Finance Magazine, chart from TradingView
