|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin ETFs See Sharp Reversal, Securing $253.6M in Net Inflows as BTC Price Rally Precedes the Event
Oct 12, 2024 at 11:00 pm
United States-based spot Bitcoin exchange-traded funds (ETFs) saw a sharp reversal on October 11, securing $253.6 million in net inflows after three consecutive days of outflows.
United States-based spot Bitcoin exchange-traded funds (ETFs) secured $253.6 million in net inflows on October 11, sharply reversing the trend after three consecutive days of outflows.
According to data from Farside Investors, the bulk of these inflows went to the Fidelity Wise Origin Bitcoin Fund, which attracted $117.1 million, followed by the ARK 21Shares Bitcoin ETF with $97.6 million.
Bitwise Bitcoin ETF also recorded its largest inflow in 11 trading days, adding $38.8 million. Smaller, yet positive inflows were also registered by Invesco Galaxy and VanEck Bitcoin ETFs.
However, BlackRock’s iShares Bitcoin Trust (IBIT), along with Bitcoin ETFs issued by Franklin Templeton, Valkyrie, and WisdomTree, reported zero activity for the day.
This $253.6 million inflow not only ended the streak of outflows but also more than offset the $140 million in losses sustained between October 8 and 10. Despite BlackRock’s IBIT not contributing, it was the third-largest combined inflow day on record for spot Bitcoin ETFs.
Grayscale’s Bitcoin Trust, however, experienced another $22.1 million in outflows, continuing its negative trend.
The strong inflows coincided with a 7.3% rally in Bitcoin prices, which reached a local high of $63,360 before cooling down to $62,530, as per CoinGecko data.
BlackRock, Fidelity Lead the Bitcoin ETF Market
BlackRock’s iShares lineup has garnered the most attention in the spot Bitcoin ETF market, with $21.7 billion in total net inflows. Fidelity is close behind, nearing the $10 billion mark with only $15 million to go. ARK 21Shares and Bitwise are the only other issuers to cross the $2 billion threshold in net inflows.
In total, across all U.S. spot Bitcoin ETFs, the combined net inflows stand at $18.9 billion, which includes over $20 billion in outflows from the Grayscale Bitcoin Trust.
Lackluster Performance for Ether ETFs
In contrast to the Bitcoin ETFs, spot Ether (ETH) ETFs had a lackluster performance on October 11. Seven of the nine U.S.-based Ether ETFs recorded no activity, marking the third time this has happened in the past five trading days.
The total outflow for the day was a modest $0.1 million, with all positive flows coming from the Fidelity Ethereum Fund. Grayscale’s Ethereum Trust, on the other hand, lost $8.7 million.
The tepid demand for Ether ETFs could be attributed to unfavorable market timing, according to Bobby Zagotta, CEO of Bitstamp Americas, who highlighted investor hesitation amidst broader macroeconomic and regulatory uncertainties.
Moreover, some analysts suggest that Wall Street’s lack of familiarity with Ethereum’s technical roadmap might also be contributing to weaker interest in the Ether ETFs.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Best Cryptocurrency Picks for a Profitable 2024 Bull Run Portfolio
- Oct 13, 2024 at 01:35 am
- As the crypto market anticipates a strong rally in 2024, investors are keen to identify which digital currencies might offer substantial gains. Picking the right cryptocurrencies could be key to building a profitable portfolio.
-
- Bittensor (TAO) Price Analysis: TAO Crypto Escapes Two-Month Range and Rallies 70%
- Oct 13, 2024 at 01:30 am
- TAO, the altcoin that powers Bittensor's decentralized machine learning network, has been gaining attention. Since mid-September, Bittensor crypto has been rallying and surging more than 70%, reaching the $650 mark.
-
- SEC Delays Ruling On Ethereum ETF Options Until December 3
- Oct 13, 2024 at 01:30 am