Bitcoin and Ethereum exchange-traded funds (ETFs) witnessed significant inflows during the week of October 7-11, 2024, with notable activity from institutional players like BlackRock.
Bitcoin and Ethereum exchange-traded funds (ETFs) saw strong inflows during the week of October 7-11, 2024, with institutional activity highlighted by BlackRock’s participation.
Bitcoin ETFs recorded a total net inflow of $348.7 million, while Ethereum ETFs saw a smaller but still significant net inflow of $1.9 million.
According to data from Spot-on-Chain, Bitcoin ETFs experienced a surge in inflows throughout the specified period. The largest contribution came from BlackRock’s iShares Bitcoin Trust (IBIT), which added $140.7 million to its holdings. This institutional involvement saw 2,229 BTC get added to the trust’s holdings.
The trend during the week was largely positive, with 30-day net inflows showing several days of inflows for Bitcoin ETFs. On October 11, 2024, the inflows were particularly strong at $254 million, further boosting the market sentiment for Bitcoin ETFs.
Ethereum ETFs also saw a positive net inflow of $1.9 million during the same period. While the numbers were lower than Bitcoin, the inflow still signaled continued interest from institutional investors in the sector.
The most significant inflow day for Ethereum ETFs was on October 10, when $10 million entered the market. However, Ethereum ETF performance appeared more volatile, with several days of minor outflows also recorded during the analysis period. Despite this, the ETF market for Ethereum showed resilience with an inflow surge later in the week.
The strong inflows into Bitcoin ETFs, especially from institutional investments such as BlackRock’s iShares Bitcoin Trust, indicate growing confidence in the asset as a long-term investment. As the market approaches the final quarter of 2024, the performance of the ETF market is likely to drive further momentum for both Bitcoin and Ethereum.
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