Bitcoin exchange-traded funds (ETFs) in the U.S. continued to attract significant investments on October 28, with a total of $479.35 million in inflows. This marks the fourth consecutive day of net inflows for Bitcoin ETFs, while Ether ETFs experienced a slowdown in net outflows.
The majority of the inflows were seen in BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, which received $315.2 million, extending its streak of inflows for 10 days. Since its launch, the fund has accumulated a total of $24.3 billion in net inflows.
Other Bitcoin ETFs also saw inflows, including ARK 21Shares’ ARKB and Fidelity’s FBTC, which received $59.78 million and $44.12 million, respectively. Smaller contributions came from Biwise’s BITB and the Grayscale Bitcoin Mini Trust, with inflows of $38.67 million and $21.59 million, respectively.
On October 28, none of the Bitcoin ETFs, including Grayscale’s flagship GBTC, reported any outflows. However, GBTC has experienced a cumulative net outflow of $20.11 billion since its inception.
As a result of these substantial inflows, the total Bitcoin held by U.S. spot Bitcoin ETF issuers has surged to 976,893 BTC, valued at over $69.3 billion, which accounts for nearly 5% of Bitcoin’s $1.34 trillion market capitalization. It is expected that the cumulative holdings could reach 1 million BTC by the end of this week, requiring an additional $1.64 billion in net inflows.
To achieve this milestone, ETFs would need to maintain an average daily inflow of $328 million.
The surge in demand for Bitcoin ETFs has led to over $3.5 billion in inflows in October, coinciding with a 5% price increase that saw Bitcoin reach a four-month high of $71,500 before settling at $70,980. Investor sentiment has been influenced by the upcoming U.S. election, potential interest rate adjustments by the Federal Reserve, and Russia’s plan to lift its ban on Bitcoin mining in November.
In contrast to Bitcoin, spot Ether ETFs experienced a slowdown in outflows on October 28, with only $1.14 million exiting the funds compared to $19.16 million the previous day. Grayscale’s ETHE had the largest outflows, with $8.44 million withdrawn. However, this was partially offset by inflows into Fidelity’s FETH and BlackRock’s ETHA, which received $5.02 million and $2.28 million, respectively. The remaining spot Ether ETFs reported no net flows on that day.
This decrease in outflows aligns with the broader market trend, as Ethereum rose 3.6% to $2,611.
Emory University becomes the first endowment to hold a Bitcoin ETF.