Inflows into spot Bitcoin exchange-traded funds (ETFs) in the U.S. continued for the fourth consecutive day on October 28, reaching a total of $479.35 million. Meanwhile, spot Ether ETFs experienced a slowdown in net outflows.
SoSoValue data revealed that the largest Bitcoin ETF, BlackRock’s IBIT, was responsible for the majority of the inflows, with $315.2 million entering the fund. This extends IBIT’s streak of inflows for 10 days, accumulating a total of $24.3 billion since its launch.
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.
There were no outflows reported for any of the Bitcoin ETFs on October 28, including Grayscale’s flagship GBTC. However, GBTC has seen a cumulative net outflow of $20.11 billion since its inception.
As a result of these substantial inflows, U.S. spot Bitcoin ETF issuers now hold a total of 976,893 BTC, valued at over $69.3 billion. This accounts for nearly 5% of Bitcoin’s $1.34 trillion market capitalization. The current momentum suggests that the cumulative holdings could reach 1 million BTC by the end of the week, requiring an additional $1.64 billion in net inflows.
To achieve this target, ETFs would need to maintain an average daily inflow of $328 million. The surge in demand for these investment products has led to inflows of over $3.5 billion in October, coinciding with a 5% price increase that saw Bitcoin reach a four-month high of $71,500 before consolidating to $70,980. Investor sentiment has been boosted by factors such as the U.S. election, potential interest rate adjustments by the Federal Reserve, and Russia’s expected lift of its ban on Bitcoin mining in November.
On the other hand, spot Ether ETFs in the U.S. experienced a decrease in outflows on October 28, with only $1.14 million exiting the funds compared to $19.16 million the previous day. Grayscale’s ETHE saw the majority of the outflows, with $8.44 million withdrawn.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.
This decrease in Ether ETF outflows aligns with a broader market upswing, as Ethereum rose by 3.6% to $2,611. Emory University also recently became the first endowment to hold a Bitcoin ETF.