Bitcoin exchange-traded funds (ETFs) in the United States saw a resurgence on 11th October, with $253.6 million in net inflows. This marked a significant break from three consecutive days of outflows, restoring confidence in the market.
Fidelity Leads Inflows
Fidelity’s Wise Origin Bitcoin Fund led the surge, attracting $117.1 million in net inflows, according to Farside Investors data. ARK 21Shares Bitcoin ETF followed closely, pulling in $97.6 million, while Bitwise’s Bitcoin ETF secured $38.8 million—its largest inflow in 11 trading days. Invesco Galaxy and VanEck Bitcoin ETFs also saw positive movement, contributing to the overall net inflows.
BlackRock and Grayscale Show Mixed Results
BlackRock’s iShares Bitcoin Trust (IBIT) recorded zero inflows on the day, as did ETFs issued by Franklin Templeton, Valkyrie, and WisdomTree. Despite this, BlackRock remains the leading Bitcoin ETF issuer, with a total of $21.7 billion in net inflows. Meanwhile, Grayscale’s Bitcoin Trust experienced a significant outflow, losing $22.1 million.
Recovery After Outflows
The inflow on 11th October more than covered the $140 million in outflows recorded between 8th and 10th October. It followed a notable 7.3% rally in Bitcoin’s price, reaching a local high of $63,360 before stabilizing around $62,530, according to CoinGecko data.
Ethereum ETFs Struggle
In contrast, Ether (ETH) ETFs continue to face challenges. On 11th October, seven of the nine US-based spot Ether ETFs recorded no inflows, marking the third such occurrence in the last five trading days. The combined Ether ETF flows resulted in a minor $0.1 million outflow, with all inflows coming from the Fidelity Ethereum Fund. Grayscale’s Ethereum Trust lost $8.7 million, while 21Shares, VanEck, and Invesco-issued ETFs showed no movement for over eight consecutive days.
The lack of demand for Ether ETFs, compared to Bitcoin, may be due to regulatory uncertainty and a cautious market sentiment amid the current US political landscape. Some analysts suggest that Wall Street may not fully grasp Ethereum’s complex roadmap, further dampening investor interest.
