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CryptoXTimes > Article > News > Spot Bitcoin ETFs See Positive Turnaround With $308 Million Inflows
NewsCrypto

Spot Bitcoin ETFs See Positive Turnaround With $308 Million Inflows

Spot Bitcoin ETFs rebound with $308 million inflows.

Nayab Fatima
Last updated: October 13, 2024 3:08 pm
Nayab Fatima 8 months ago
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Spot Bitcoin ETFs See Positive Turnaround With $308 Million Inflows

Over the past week, U.S. spot Bitcoin ETFs have bounced back to positive returns: $300Mn in net inflows. It’s this recovery following a bearish start to Q4 2024. However, Spot Ethereum ETFs have been suffering from below-par performance despite declining net outflows.

Bitcoin ETFs headed into this week of October 7 with inflows of $236.19 million, after a $300 million net outflow in early October. There, however, was a brief three day decline from October 8th to 10th which amounted to $179.98 million in cumulative outflows. 

Bitcoin ETFs Rebound Strongly

Daily inflows in Bitcoin ETFs saw a big rebound on October 12 and recorded $253.54 million, the highest daily inflow since October 6. FBTC of Fidelity was first, with $117.10 million, followed by ARKB, or Ark & 21 Shares at $97.58 million, and BITB of Bitwise at $38.81 million.

Also notable are $14.26 million in inflows into VanEck’s HODL and $7.88 million in inflows into Invesco’s BTCO. Meanwhile, other funds, a BlackRock’s IBIT, for instance, saw no new money flows in, except money-flow-out of Grayscale’s GBTC at $22.09 million.

The entire size of the spot Bitcoin ETF market is now $58.66 billion, making up 4.71% of Bitcoin’s market cap. One would assume these assets are held by either BlackRock’s IBIT (which holds 40%, or $23.30 billion) or Grayscale’s GBTC (which formerly held the most biggest — until GBTC took massive outflows).

Meanwhile, Spot Ethereum ETFs only faired worse with net outflows of $5.22m last week. While this is a step up from earlier October, it’s the tenth week of negative performance over the last twelve. The Ethereum market has seen $558.88 million in total net outflows, topped off with a total traded value of $143.54 million.

For now Bitcoin is trading $62,725 up by 0.22% and Ethereum is $2,459 up by 0.78% in the past 24 hours.

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TAGGED: Bitcoin, Ethereum, fbtc, gbtc
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