Key Points:
This is the largest single-day inflow into Bitcoin Spot ETFs since June 5, 2024, showing renewed investor interest and confidence in the potential of Bitcoin. The flow came when the price of Bitcoin soared to a year-high of $72,200, keeping strong upward momentum.
Data from SoSoValue and Farside Investors indicate that the majority of the inflow was driven by leading ETFs, with BlackRock’s IBIT ETF leading the pack, contributing $643 million to the total. Fidelity’s FBTC ETF followed with $134 million, and Bitwise’s BITB ETF saw $52.5 million in inflows.
Other key inflows came from Ark & 21Shares’ ARKB ETF, which saw $12.4 million, and the HODL ETF from VanEck added $16.5 million. The only blood in the water came from Grayscale’s GBTC ETF, with a negative outflow of $17.3 million.
The cumulative assets held by U.S. Bitcoin Spot ETFs now total a staggering $23.28 billion, with $4.75 billion traded on October 29 alone. This reflects growing investor demand for Bitcoin exposure, as the total net assets held by these ETFs have reached $72.55 billion, equivalent to 5.07% of Bitcoin’s overall market capitalization.
Eric Balchunas, a Bloomberg ETF expert, noted that BlackRock’s IBIT ETF alone traded $3.3 billion on October 29, which marked its highest volume in six months. According to him, this surge was due to FOMO as investors scrambled for the chance to make profits during the price rally of Bitcoin.
As of October 29, BlackRock’s IBIT ETF holds 408,253.1 Bitcoin, valued at $29.54 billion, solidifying its position as the strongest Bitcoin ETF in the market. The recent inflows, combined with Bitcoin’s upward trajectory, indicate that this momentum could continue in the near future (according to Treasuries).
Corresponding to the huge cash flow above, it is not surprising to see Bitcoin price accelerating to the threshold of 72,200 USD, up nearly 2% in the past 24 hours (according to Coingecko).
While giant inflows were seen in Bitcoin ETFs, Ethereum Spot ETFs were far more muted. According to SoSoValue, on the same day, Ethereum Spot ETFs saw a net inflow of $7.65 million, which reveals a trend that Ethereum has mostly been witnessing since the recent surge: underperforming Bitcoin.
Despite growing excitement around Ethereum’s upcoming upgrades, its spot ETFs have not garnered the same level of institutional backing as Bitcoin.
Sean Stein Smith, Associate Professor at City University of New York added, “Ethereum ETFs have trailed behind Bitcoin’s performance with Ethereum-based ETFs up 15% so far in 2024 while Bitcoin has risen by 50%”.
According to Coingecko, Ethereum changed hands at around $2,640 at the time of writing – up only 1% over the last 24 hours.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Today, we spotlight five exciting tokens that are making waves for different reasons: Qubetics, Stellar,…
Hong Kong shows growing interest in RMB-backed stablecoins as part of its digital asset push.…
Discover BlockDAG's impressive website overhaul and over $105.4M raised! Meanwhile, Raydium trends upward as Scroll…
Explore BlockDAG's new 100% bonus on BDAG purchases that lets crypto enthusiasts double their holdings.…
a16z crypto has issued a public warning about a growing number of crypto scammers targeting…
Explore the differences between Plus Wallet & Ledger Live, focusing on features from cross-chain rewards…
This website uses cookies.