Bitcoin exchange-traded funds (ETFs) in the United States experienced a significant increase in inflows, reaching over half a billion dollars in a single day. On October 14, the 11 ETFs collectively received net inflows of $555.9 million, marking their highest daily inflow since early June. This surge coincided with Bitcoin’s price reaching a two-week high of $66,500 in late trading.
Nate Geraci, the President of ETF Store, described this as a “monster day” for Bitcoin ETFs, noting that they have accumulated nearly $20 billion in net inflows over the past 10 months. He emphasized that these inflows were not driven solely by retail investors but also by financial advisors and institutional investors who are gradually embracing Bitcoin.
Among the leading ETFs, the Fidelity Wise Bitcoin Origin Fund (FBTC) received the highest inflow of $239.3 million, its highest since June 4. The Bitwise Bitcoin ETF (BITB) attracted slightly over $100 million, while the iShares Bitcoin Trust by BlackRock (IBIT) saw inflows of $79.6 million. The Ark 21Shares Bitcoin ETF (ARKB) received just under $70 million in inflows, and the Grayscale Bitcoin Trust (GBTC) recorded its first inflow for October at $37.8 million, the highest since early May.
In a post on October 14, Eric Balchunas, a senior ETF analyst at Bloomberg, compared Bitcoin ETFs to gold-based products, highlighting that since the BTC funds were launched in January, the asset has reached an all-time high five times. In contrast, gold has achieved record highs 30 times this year, but its ETFs have only received net inflows of $1.4 billion, significantly less than the over $19 billion inflows for Bitcoin ETFs.
While Bitcoin ETFs are experiencing strong momentum, Ethereum funds are not enjoying the same level of success. Bitwise, VanEck, Franklin, and Grayscale have seen zero net flows, while Fidelity and Invesco have witnessed minor flows. The BlackRock iShares Ethereum Trust (ETHA) received an inflow of $14.3 million, bringing its total inflow to $17 million.
According to the CEO of Trezor, a cryptocurrency wallet provider, the rise of Bitcoin ETFs has made platforms like Coinbase attractive targets for hackers and governments due to the significant amount of funds they hold.