The spot Bitcoin ETFs based in the US have achieved remarkable results over the past week, amassing $2.1 billion in net inflows. In a positive development for Ethereum ETFs, they have finally reversed their trend, marking their third consecutive week of positive inflows since launching in July.
Spot Bitcoin ETFs Achieve Highest Daily Inflow Since June
Following a recovery to positive net flows in the second week of October, the spot Bitcoin ETFs drew substantial investment levels last week, starting with $555.86 million in inflows recorded on Monday, October 14, which is the highest daily inflow seen by these ETFs since June 4.
As per data from SoSoValue, these Bitcoin ETFs maintained similar positive investment levels throughout the week, culminating in a total inflow of $2.18 billion, marking the fourth-highest weekly net flow observed by these funds since their inception in January.
Out of the reported inflows, over $1.14 billion went into BlackRock’s IBIT, which continues to be the largest spot Bitcoin ETF with cumulative net inflows of $22.84 billion. Fidelity’s FBTC followed in a distant second, attracting inflows of $318.82 million.
Bitwise’s BITB also saw investments totaling $149.81 million, while Grayscale’s GBTC ended a 21-week streak of outflows by recording its largest weekly inflow of $91.47 million. All other spot Bitcoin ETFs, apart from Hashdex’s DEFI, experienced notable inflows as well, though they remained below $50 million.
Currently, the total cumulative net inflows for the spot Bitcoin ETFs amount to $20.98 billion. These investment funds currently manage total net assets of $66.11 billion, which constitutes 4.89% of the Bitcoin market capitalization. Achieving these figures within just ten months of trading highlights the substantial potential of these ETFs in promoting Bitcoin adoption.
Spot Ethereum ETFs Transition to Positive Netflows
This past week, the spot Ethereum ETFs also reported positive weekly inflows totaling $78.98 million. While this amount appears notably smaller compared to the Bitcoin ETFs, it marks the third week of positive net flow in the thirteen weeks since their trading commenced.
Similar to the trend seen with Bitcoin ETFs, BlackRock’s ETHA contributed the bulk of the inflows with $49.76 million, while Fidelity’s FETH secured second place with investments amounting to $43.52 million. Despite this uptick, the spot Ethereum ETFs still show a negative cumulative net outflow of $479.99 million, holding 2.31% of the Ethereum market cap, equivalent to $7.35 billion ETH.
At the time of this writing, Ethereum is trading at $2,649, reflecting a 0.49% increase over the past day, while Bitcoin is valued at $68,168 following a slight decline in the last 24 hours.
