In a remarkable turn of events for the cryptocurrency market, United States spot Bitcoin exchange-traded funds (ETFs) experienced their most significant one-day inflow in over four months, amassing more than $555 million on October 14. This surge in investment marks the largest daily net inflow since early June and signifies growing confidence among institutional investors in the Bitcoin space.
The Numbers Speak Volumes
According to data from Farside Investors, the total net inflow for the 11 spot Bitcoin ETFs reached an impressive $555.9 million. This influx comes on the heels of Bitcoin’s recent price uptick, with the cryptocurrency hitting a two-week high of $66,500 during late trading. ETF Store President Nate Geraci described the day as a “monster day” for spot BTC ETFs, highlighting that the funds are now approaching an astounding $20 billion in net inflows over the past ten months.
Geraci noted, “Simply ridiculous and blows away every pre-launch demand estimate,” emphasizing that this trend reflects the slow but steady adoption of Bitcoin by advisers and institutional investors rather than speculative retail trading.
Leading the Pack
Among the standout performers, the Fidelity Wise Bitcoin Origin Fund (FBTC) led the charge with an inflow of $239.3 million, its highest since June 4. Other notable contributors included the Bitwise Bitcoin ETF (BITB), which recorded inflows exceeding $100 million, and BlackRock’s iShares Bitcoin Trust (IBIT), garnering $79.6 million.
Additionally, the Ark 21Shares Bitcoin ETF (ARKB) saw inflows just shy of $70 million, while the Grayscale Bitcoin Trust (GBTC) marked its first inflow of October at $37.8 million, its highest since early May.
A Comparison with Gold
Bloomberg’s senior ETF analyst Eric Balchunas drew a compelling comparison between Bitcoin ETFs and gold-based products in an October 14 X post. He noted that since the launch of Bitcoin ETFs in January, the cryptocurrency has reached an all-time high five times. In contrast, gold has achieved record highs 30 times this year, but gold ETFs have only attracted $1.4 billion in net inflows—starkly less than the $19 billion seen in Bitcoin ETFs.
This significant disparity underscores Bitcoin’s growing appeal as a leading investment asset, especially as traditional commodities like gold struggle to capture investor interest.
Also Read: Bitcoin Soars To $66K, But Analysts Warn Of 24% Crash To $50K Before New ATH
Despite Bitcoin’s remarkable performance, Ethereum funds have not shared in the same momentum. Various funds, including those from Bitwise, VanEck, Franklin, and Grayscale, recorded zero net flows, with only minor inflows for Fidelity and Invesco. The BlackRock iShares Ethereum Trust (ETHA) managed to attract $14.3 million, bringing its total to $17 million—a stark contrast to Bitcoin’s overwhelming demand.
The recent surge in spot Bitcoin ETF inflows signals a robust interest in cryptocurrency as institutional investors increasingly recognize Bitcoin’s potential as a reliable asset. As these trends continue, it will be intriguing to see how Bitcoin maintains its momentum compared to traditional assets like gold and how Ethereum evolves in this rapidly changing landscape. As we head further into the year, one thing is clear: Bitcoin is not just a trend; it’s carving out a significant place in the investment world.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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