Bitcoins
BlackRock’s spot Bitcoin ETF, IBIT, has continued its lead in the ETF market with significant inflows. The fund has accumulated over $1 billion in assets this week.
Impressively, on Thursday, October 17, IBIT amassed net inflows of $309 million, bringing the net US Bitcoin ETFs inflow to over $470 million. Similarly, Ethereum-based ETFs followed the positive trend to accumulating over $48 million in inflows on Thursday.
These ETFs reflect the trend in the broader crypto market, which maintains a bullish pattern, with Bitcoin climbing to the $67,000 region.
According to data from SoSoValue, the largest spot Bitcoin ETF, BlackRock’s IBIT, recorded net inflows of $309 million on October 17.
Following the latest positive flows, IBIT has posted over $1.07 billion in net inflows this week. This value marks its largest weekly positive flow since mid-March.
BlackRock’s Bitcoin ETF boasts over $22.76 billion in net inflows since its launch.
Four other ETFs recorded positive flows on Thursday, including IBIT. Ark Invest and 21Shares’ ARKB followed IBIT with more than $100 million in net inflows.
Surprisingly, Grayscale’s GBTC saw about $45.7 million in net inflows on Thursday after zero net flows the previous day. Fidelity’s FBTC and Franklin Templeton’s EZBC closed the trading day with net inflows of $11.7 million and $3.9 million, respectively. The remaining six ETFs posted zero net flows for the day.
Moreover, on Thursday, the ETFs’ daily trading volume slightly dropped to $1.47 billion compared to $1.58 billion the previous day.
Cumulatively, the US spot Bitcoin ETFs amassed $470.48 million on Thursday, marking their fourth-day positive flow streak since October 11. The funds have seen net inflows of over $1.85 billion this week and now boast $20.66 billion in net inflows since their launch.
On Wednesday, October 16, the cumulative inflows of BTC ETFs surpassed the $20 billion mark. Eric Balchunas, Bloomberg’s senior ETF analyst, acknowledged that gold ETFs took five years to achieve the same milestone.
Bitcoins US Ethereum-Based ETFs Record Positive Flows
The positive trend also extended to the US spot Ether ETFs, which cumulatively posted net inflows of $48.41 million on Thursday. This value marked the funds’ largest positive flows since September 27.
Fidelity’s FETH led the positive flow, with $31.12 million in net inflows. BlackRock’s ETHA posted net inflows of $23.56 million. Grayscale’s mini trust (ETH) raked in $5.1 million, while Ark Invest and 21Shares’ CETH posted $2.3 million in net inflows.
Bitwise’s ETHW and Franklin Templeton’s QETH recorded net inflows of $1.5 million and $500,000, respectively. Meanwhile, Grayscale’s ETHE was the only fund with negative flows of $15.74 million.
All the ETH ETFs saw a daily trade volume of $126.7 million on Thursday. The funds reflect net outflows of $481.90 million since their launch. The ETF markets’ positive trend comes amid the bullish indications in the broader crypto market.
Bitcoin has reclaimed its value within the $67,000 threshold. Ether’s price hovers around $2,627, showing a 0.89% surge over the past day.
Add Techreport to Your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.
Becki Haslett Read More