Meanwhile, Ethereum ETFs have also shown promise, marking their third positive weekly inflows since their trading debut in July.
Spot Bitcoin exchange-traded funds (ETFs) in the United States have seen record net inflows of $2.1 billion over the past week. In the meantime, Ethereum ETFs have also shown promise, marking their third positive weekly inflows since their trading debut in July.
The spot Bitcoin ETFs saw a dramatic turn with positive net flows starting in the second week of October. Beginning the recent week with $555.86 million in inflows on Monday, October 14, these ETFs recorded their highest daily inflows since June 4.
Data from SoSoValue highlights that these Bitcoin ETFs maintained substantial investment levels throughout the week, culminating in a total inflow of $2.18 billion. This makes it the fourth-highest weekly net flow since these investment funds were launched in January.
Breaking down the inflows, BlackRock’s IBIT led the charge with over $1.14 billion in investments, maintaining its position as the largest spot Bitcoin ETF with total net inflows of $22.84 billion. Fidelity’s FBTC followed, albeit at a distance, with $318.82 million in inflows. Other ETFs such as Bitwise’s BITB attracted $149.81 million, while Grayscale’s GBTC ended a 21-week streak of outflows with a significant inflow of $91.47 million. Most other spot Bitcoin ETFs, apart from Hashdex’s DEFI, also reported inflows though they were below the $50 million mark.
The cumulative total net inflows for spot Bitcoin ETFs now stand at $20.98 billion, with these funds holding total net assets of $66.11 billion, which represents 4.89% of the Bitcoin market cap. These figures, achieved within just ten months of trading, highlight the substantial impact these ETFs have in promoting Bitcoin adoption.
In parallel, spot Ethereum ETFs have made a comeback with positive weekly inflows to the tune of $78.98 million. While this figure is considerably lower than that of the Bitcoin ETFs, it marks the third instance of positive net flows in thirteen weeks of trading.
BlackRock’s ETHA again came out on top with a $49.76 million inflow, while Fidelity’s FETH secured second place with $43.52 million. Despite these gains, spot Ethereum ETFs continue to report a negative cumulative total net outflow of $479.99 million, holding 2.31% of the Ethereum market cap, which equates to $7.35 billion in ETH.
As of the latest trading data, Ethereum is priced at $2,649, reflecting a 0.49% gain over the past day, while Bitcoin stands at $68,168, following a minor decline in the last 24 hours.
