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Cryptocurrency News Articles
Bitcoin Spot ETFs See Cumulative Inflows of $254M, While $ETH ETFs Experience Outflows
Oct 12, 2024 at 04:01 pm
On October 11, a significant development took place as Bitcoin and Ethereum spot ETFs displayed contrasting flows. As per the latest data, $BTC spot ETFs added a cumulative amount of $254M while $ETH ETFs experienced a total outflow of up to $97,100.
Bitcoin and Ethereum spot exchange-traded funds (ETFs) displayed contrasting flows on Tuesday, with $BTC ETFs adding a cumulative $254M and $ETH ETFs experiencing a total outflow of up to $97,100.
Bitcoin Spot ETFs See Cumulative Inflows of $254M
The daily inflow for Bitcoin ETFs stood at $253.54M. The cumulative value traded across the respective ETFs was almost $2.06B. Moreover, the Bitcoin ETFs currently represent approximately 4.71% of the cumulative $BTC market capitalization.
Fidelity's $FBTC received a staggering $117M in net inflows. The respective performance fortifies the status of the exchange-traded fund among the $BTC ETFs. $FBTC has a total amount of $11.35B in net assets. Subsequently, the $ARKB ETF of Ark and 21Shares saw a remarkable inflow of nearly $97.58M. The net assets of $ARKB have reached $3.01B in number.
$ETH Spot ETFs Record $97,100 in Outflows
On the other hand, the ETF market of Ethereum went through a dip in terms of flows. These exchange-traded funds cumulatively witnessed $97,100 in outflows on the 11th of October. This reveals a significant difference from the trajectory of Bitcoin. However, Ethereum maintains its position as the 2nd-biggest crypto when it comes to market capitalization. Even then, it has seen a jump in competition from the latest crypto assets and blockchain platforms.
Trending Now: Bitcoin Price Bounces Off Key Support to Trade at About $62,878
Irrespective of the daily outflow, the $ETH ETFs generally maintain a resilient position. In this respect, Grayscale's $ETHE held the biggest portion of the total assets with a total of $4.01B.
Weekly Flows Indicate the Solidified Position of Bitcoin ETFs
Between 7 to 11th of October, the US spot ETFs of Bitcoin and Ethereum recorded $348.7M in total inflows. Particularly, the $IBIT ETF of BlackRock led the market with $140.7M in net inflow. It added 2,229 $BTC to its Bitcoin holdings. The respective inflows indicate an increasing institutional interest in the chief crypto asset as a hedge against the rising inflation.
Source: Spot On Chain
However, the $ETH ETFs obtained $1.9 million in total inflows during the same week. While investors keep on adding more funds into $BTC ETFs, the long-term outlook for the respective sector remains bullish.
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