BlackRock’s iShares Bitcoin Trust ETF attracted the majority of Thursday’s inflows of $470million.
With Bitcoin BTC $94 125 24h volatility: 0.4% Market cap: $1.87 T Vol. 24h: $28.89 B surpassing the $65,000 mark, institutional investors continue to capitalize on exchange-traded funds (ETFs) linked to the crypto asset positioning themselves for the much-anticipated bull run. On Thursday, these crypto investment vehicles recorded another positive daily inflow, amounting to $470 million, with a significant portion of the funds originating from BlackRock.
Data from SoSoValue revealed that BlackRock’s iShares Bitcoin Trust ETF (IBIT) attracted over $309 million in inflows on 17 October, bringing its total assets under management to approximately $25.79 billion. The IBIT fund has seen consistent inflows this week, with a total net inflow of $1.07 billion. Over the same period, its trading volume reached roughly $5.47 billion.
Grayscale’s GBTC Draws Investor Attention
Apart from BlackRock, other major asset managers such as Grayscale Investments, ARK Invest, 21Shares, Fidelity Investments, and Franklin Templeton also contributed to the $470 million generated by spot Bitcoin ETFs on Thursday.
According to SoSoValue, the ARK 21Shares Bitcoin ETF (ARKB) secured more than $100 million in institutional investments, making it the second-best performer after BlackRock’s IBIT. ARKB now accounts for 0.26% of Bitcoin’s market share, with cumulative net inflows totaling $2.75 billion. Over the past week, ARKB has seen inflows of $196.17 million.
Grayscale’s GBTC fund, which had lagged earlier in the week, saw a net inflow of $45 million on Thursday, despite being relatively inactive the day before. In total, GBTC has brought in approximately $91.47 million this week.
Fidelity’s FBTC and Franklin Templeton’s EZBC funds also attracted $11.69 million and $3.88 million in daily inflows, respectively. Other US-listed spot Bitcoin ETFs remained largely neutral, with zero activity from institutional investors.
Bitcoin ETFs Reach $20 Billion Milestone
The $470 million inflow on Thursday coincided with a significant milestone: the combined inflows of all US-listed spot Bitcoin ETFs surpassed $20 billion for the first time since their launch in January. It took the crypto investment products 10 months to achieve this feat.
Sharing the achievement on X (formerly Twitter), Bloomberg senior ETF analyst Eric Balchunas noted that reaching $20 billion is “one of the most challenging metrics to grow” in this asset class. According to him, it took gold a longer period to achieve the milestone.
Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for first time after huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach same number. Total assets now $65b, also a high water mark. pic.twitter.com/edldEimfqd
— Eric Balchunas (@EricBalchunas) October 17, 2024
Meanwhile, while Bitcoin spot ETFs are seeing robust demand, their Ethereum counterparts continue to face challenges in attracting investor interest. Despite a difficult week, Thursday saw a reversal of this trend, with Ethereum ETFs registering a notable inflow for the first time in several days.
SoSoValue reported that investors poured over $48 million into Ethereum ETFs on 17 October, with BlackRock’s ETHA leading the pack, securing $23.56 million. Fidelity’s FETH followed closely behind, with institutional investors acquiring $31.12 million of the product.
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