Bitcoin ETFs rebounded on October 11th with a staggering $253.6 million in inflows, led by large funds from Fidelity and ARK 21Shares. Ethereum ETFs, on the other hand, showed little movement, highlighting the stark contrast in investor interest.
Bitcoin ETFs recover with large inflows
The US Spot Bitcoin Exchange Traded Fund recorded net inflows of $253.6 million on October 11, after three consecutive business days of withdrawals.
According to data provided by Farside Investors, the ARK 21Shares Bitcoin ETF received $97.6 million and the Fidelity Wise Origin Bitcoin Fund received $117.1 million, marking the best performance among all funds.
ARK and Fidelity dominate inflow surge
In addition to the Bitwise Bitcoin ETF, which recorded the largest inflow in 11 trading days with $38.8 million, the Invesco Galaxy and VanEck Bitcoin ETFs also saw inflows.
On the same day, Bitcoin ETFs offered by Franklin Templeton, WisdomTree, and Valkyrie all posted zero flows, including BlackRock's iShares Bitcoin Trust (IBIT).
While BlackRock's IBIT was ineffective, it was the day with the third-highest combined inflows.
Grayscale Trust faces losses despite Bitcoin rally
At the same time, $22.1 million was lost by the Grayscale Bitcoin Trust.
The $140 million inflows from Bitcoin ETFs on October 8th and 10th were more than offset by $253.6 million in inflows.
Based on CoinGecko statistics, Bitcoin rose 7.3% to a local high of $63,360 on October 11, before settling at the current price of $62,530.
BlackRock remains the leader in issuing Bitcoin ETFs
With $21.7 billion in net inflows, BlackRock remains the leader among spot Bitcoin ETF issuers, while Fidelity is just $15 million short of the $10 billion mark.
Bitwise and ARK 21Shares are the only other spot Bitcoin ETF issuers with net inflows of more than $2 billion.
Despite the $20 billion outflow from the Grayscale Bitcoin Trust, net inflows to all Spot Bitcoin ETFs reached $18.9 billion.
Ethereum ETF struggles amid investor uncertainty
On October 11th, 7 out of 9 US-based Spot Ether ETFs reported 0, the third time in the past 5 business days.
According to statistics provided by Farside Investors, there was a net outflow of $100,000 from the Spot Ethereum ETF on October 11, with all inflows coming from the Fidelity Ethereum Fund.
A total of $8.7 million was lost by the Grayscale Ethereum Trust.
Lack of demand poses challenges for Ether ETFs
Ethereum exchange-traded funds (ETFs) from 21Shares, VanEck, and Invesco experienced periods of zero value for at least eight days.
Bitstamp's Americas CEO Bobby Zagotta recently told Cointelegraph that the Spot Ether ETF may have been launched at the wrong time and that there is less demand compared to the Spot Bitcoin ETF. He said that there is a possibility that this could be explained.
Some believe that Wall Street investors do not fully understand Ethereum's highly technical roadmap, making it difficult to assess its value.
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