Bitcoin ETFs end three-day skid with $254M inflow

Bitcoin Spot ETFs ended the past week with positive net inflows, marking the second time during the week it saw a hike. While four major Bitcoin Spot ETFs contributed to these inflows, others saw zero flows.

The Bitwise Bitcoin ETFs raked in $38.8 million — its largest in 11 trading days — while the Invesco Galaxy and VanEck Bitcoin ETFs saw inflows too.

BlackRock’s iShares Bitcoin Trust (IBIT) recorded a “0” flow on the day, as did the Bitcoin ETFs issued by Franklin Templeton, Valkyrie and WisdomTree.

Key points:

• Bitcoin spot ETFs saw inflows of $253.54 million on October 11, coinciding with a 3% rise in its price.
  
  
• Ethereum spot ETFs continue to face challenges, recording cumulative net outflows of $558.88 million.
  

Bitcoin ETFs see positive inflows

Data from SosoValue shows that Bitcoin ETFs saw inflows of $253.54 million on October 11, marking the second instance of inflows that week after three straight days of outflows. Fidelity, Ark 21 Shares, Bitwise, InvescoGalaxy, and VanEck were responsible for the inflows among the ETFs. On the contrary, BlackRock and several other ETFs saw no flows during this period.

Breaking down the figures, Fidelity led the inflows with $117 million, followed by Ark 21Shares with $97.6 million. Bitwise contributed $38.8 million, while the remaining inflows were spread across other ETFs.

As of now, the total cumulative net flows for Bitcoin spot ETFs amount to $18.81 billion, with a total net asset value of $58.66 billion.

Bitcoin’s price surge aligns with ETF inflows

The inflows into Bitcoin spot ETFs coincided with a positive price rally for BTC. After several days of negative flows and price declines, Bitcoin jumped over 3% on October 11, rising from $60,279 to $62,518. The upward trend persisted on October 12, with Bitcoin trading around $63,000 at the time of writing.

If Bitcoin sustains its momentum through the weekend, further ETF inflows could follow next week, signaling increased investor interest.

Ethereum ETF flows continue to struggle

Seven of the nine US-based spot Ether ETH tickers down $2,448.39 ETFs recorded a “0” on Oct. 11 — marking the third time that has happened in the last five trading days.

The spot Ether ETFs combined for a $0.1 million net outflow on Oct. 11 with all inflows coming from the Fidelity Ethereum Fund, Farside Investors data shows.

The Grayscale Ethereum Trust bled $8.7 million.

The 21Shares, VanEck and Invesco-issued ETH ETFs and have now seen at least eight consecutive “0” days.

The low demand — relative to spot Bitcoin ETFs — could be attributed to the spot Ether ETFs launching at the wrong time, Bitstamp CEO for the Americas Bobby Zagotta recently told Cointelegraph.

“In this moment, people are waiting. I think they’re in the wait-and-see mode because of the uncertainty in the election, the regulatory stuff in the US, some of the sociopolitical stuff — everything is a little bit flat right now, relatively speaking.”

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Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.