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13 October, 2024

Bitcoin ETFs Surge Back to Life with $308 Million Inflows

13 October, 2024

Spot Bitcoin ETFs Rebound with Strong Inflows

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After a somewhat sluggish start to Q4 2024, US-based spot Bitcoin ETFs have roared back to life, recording over $300 million in net inflows over the past week. This resurgence signals a renewed appetite for Bitcoin investment within the ETF market.

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Following a $300 million net outflow during the first week of October, the spot Bitcoin ETF market began last week on a positive note, attracting $236.19 million in net inflows on Monday, October 7th. However, the market experienced a three-day downturn, resulting in cumulative outflows of $179.98 million between October 8th and 10th.

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A dramatic turnaround occurred on Friday, October 12th, as these Bitcoin ETFs registered aggregate inflows of $253.54 million, marking the highest daily capital investment in the past two weeks. Fidelity’s FBTC led the charge, attracting inflows of $117.10 million. Ark & 21 Shares ARKB also saw significant inflows of $97.58 million, while Bitwise’s BITB garnered $38.81 million from investors. Other notable contributors included VanEck’s HODL with $14.26 million and Invesco’s BTCO with $7.88 million in inflows.

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While most Bitcoin spot ETFs experienced positive inflows, Grayscale’s GBTC recorded a net outflow of $22.09 million. Meanwhile, BlackRock’s IBIT, which currently accounts for approximately 40% of the total net assets of the spot Bitcoin market, saw zero inflows. This market segment now boasts a total of $58.66 billion in net assets, representing 4.71% of the Bitcoin market cap.

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Spot Ethereum ETFs Continue Downward Trend

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In contrast to the bullish sentiment in the Bitcoin ETF market, spot Ethereum ETFs continue to struggle, recording net outflows of $5.22 million over the past week. This marks the 10th week of negative returns in the 12 trading weeks for these funds. While the outflows have decreased from the previous week, the overall trend remains negative.

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The total net outflows for spot Ethereum ETFs currently stand at $558.88 million, with a total value traded of $143.54 million. At the time of writing, Ethereum trades at $2,459 with a 0.78% gain in the last day, while Bitcoin remains valued at $62,725 following a 0.22% price rise in the same period.

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The recent surge in inflows for Bitcoin ETFs suggests that institutional investors are increasingly looking to gain exposure to Bitcoin through this regulated and transparent channel. However, the continued outflows in Ethereum ETFs highlight the contrasting market sentiment surrounding these two major cryptocurrencies. It will be interesting to see how these trends evolve in the coming weeks and months.