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BlackRock’s iShares Bitcoin Trust ETF attracted the majority of Thursday’s inflows of $470million.
Key Notes
Institutional demand for spot Bitcoin ETFs remains strong, with $470 million in daily inflows recorded on October 17.BlackRock's IBIT emerged as a top performer with ARK 21Shares Bitcoin ETF following behind.After a quiet start to the week, Grayscale's GBTC fund saw a resurgence on Thursday, with $45 million flowing into the product.With Bitcoin BTC $67 888 24h volatility: 0.8% Market cap: $1.34 T Vol. 24h: $36.87 B surpassing the $65,000 mark, institutional investors continue to capitalize on exchange-traded funds (ETFs) linked to the crypto asset positioning themselves for the much-anticipated bull run. On Thursday, these crypto investment vehicles recorded another positive daily inflow, amounting to $470 million, with a significant portion of the funds originating from BlackRock.
Data from SoSoValue revealed that BlackRock’s iShares Bitcoin Trust ETF (IBIT) attracted over $309 million in inflows on 17 October, bringing its total assets under management to approximately $25.79 billion. The IBIT fund has seen consistent inflows this week, with a total net inflow of $1.07 billion. Over the same period, its trading volume reached roughly $5.47 billion.
Grayscale’s GBTC Draws Investor Attention
Apart from BlackRock, other major asset managers such as Grayscale Investments, ARK Invest, 21Shares, Fidelity Investments, and Franklin Templeton also contributed to the $470 million generated by spot Bitcoin ETFs on Thursday.
According to SoSoValue, the ARK 21Shares Bitcoin ETF (ARKB) secured more than $100 million in institutional investments, making it the second-best performer after BlackRock’s IBIT. ARKB now accounts for 0.26% of Bitcoin’s market share, with cumulative net inflows totaling $2.75 billion. Over the past week, ARKB has seen inflows of $196.17 million.
Grayscale’s GBTC fund, which had lagged earlier in the week, saw a net inflow of $45 million on Thursday, despite being relatively inactive the day before. In total, GBTC has brought in approximately $91.47 million this week.
Fidelity’s FBTC and Franklin Templeton’s EZBC funds also attracted $11.69 million and $3.88 million in daily inflows, respectively. Other US-listed spot Bitcoin ETFs remained largely neutral, with zero activity from institutional investors.
Bitcoin ETFs Reach $20 Billion Milestone
The $470 million inflow on Thursday coincided with a significant milestone: the combined inflows of all US-listed spot Bitcoin ETFs surpassed $20 billion for the first time since their launch in January. It took the crypto investment products 10 months to achieve this feat.
Sharing the achievement on X (formerly Twitter), Bloomberg senior ETF analyst Eric Balchunas noted that reaching $20 billion is “one of the most challenging metrics to grow” in this asset class. According to him, it took gold a longer period to achieve the milestone.
Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for first time after huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach same number. Total assets now $65b, also a high water mark. pic.twitter.com/edldEimfqd
— Eric Balchunas (@EricBalchunas) October 17, 2024
Meanwhile, while Bitcoin spot ETFs are seeing robust demand, their Ethereum counterparts continue to face challenges in attracting investor interest. Despite a difficult week, Thursday saw a reversal of this trend, with Ethereum ETFs registering a notable inflow for the first time in several days.
SoSoValue reported that investors poured over $48 million into Ethereum ETFs on 17 October, with BlackRock’s ETHA leading the pack, securing $23.56 million. Fidelity’s FETH followed closely behind, with institutional investors acquiring $31.12 million of the product.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
