US Spot Bitcoin ETFs see biggest day since June
Data from SoSoValue shows that net inflows across 12 Bitcoin ETFs totaled $555.86 million coincided with Bitcoin reaching 2w high of $66,500.
Author: Sahil Thakur
Written On: Tue, 15 Oct 2024 09:29:16 GMT
On October 14, spot Bitcoin exchange-traded funds (ETFs) in the United States recorded their largest inflow in over four months, signaling growing investor enthusiasm as Bitcoin’s market rebound gains momentum. Data from SoSoValue shows that net inflows across 12 Bitcoin ETFs totaled $555.86 million, doubling the $253.54 million recorded the previous day. This increase coincided with Bitcoin reaching a two-week high of $66,500.
- Farside’s FBTC ETF led with $239.25 million, marking its highest inflow since June 4.
- Bitwise’s BITB fund attracted over $100 million, while BlackRock’s IBIT fund saw $79.51 million in new investments.
- Grayscale’s GBTC recorded its first inflow since late September, with $37.77 million entering the fund.
These inflows underscore renewed optimism in Bitcoin ETFs, with ETF Store President Nate Geraci describing the event as a “monster day” for the industry. Over the past 10 months, Bitcoin ETFs have accumulated $19.36 billion in net inflows, demonstrating growing adoption by institutional investors. In contrast, gold ETFs have seen only $1.4 billion in net inflows this year, despite gold hitting record highs 30 times in 2024. However, Ethereum ETFs struggled, with more modest inflows and some funds experiencing no new inflows at all.
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