As a seasoned researcher who has witnessed the evolution of cryptocurrency markets over the past decade, I can confidently say that this week’s events mark a significant milestone in the mainstream adoption of Bitcoin and Ethereum. The collective inflow of over $20 billion into Bitcoin ETFs is truly astounding, especially considering it took gold ETFs five years to achieve the same feat.
This week, the combined influx of funds into the eleven Bitcoin ETFs operating within the U.S. has exceeded $20 billion. The substantial inflow observed on Thursday contributed significantly to this total, reaching a record high of approximately $20.73 billion, as reported by Farside Investors.
In simpler terms, Bloomberg’s senior ETF analyst Eric Balchunas emphasized that this figure was crucial since it’s the “hardest metric to boost in the ETF sector.” To provide some context, it took gold ETFs approximately five years to attain a similar level, he noted.
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.
— Eric Balchunas (@EricBalchunas) October 17, 2024
Bitcoin ETF Flows
On October 17th, I witnessed an impressive combined net inflow of approximately $470.5 million across eleven funds. This marked the fifth consecutive day in which these funds experienced growth. In just a week, these gains amounted to a staggering $1.85 billion – all without factoring Friday’s potential inflows yet.
Over the last five trading days, an impressive sum of approximately $2 billion has been invested in Bitcoin Spot Exchange-Traded Funds (ETFs), as pointed out by the President of ETF Store, Nate Geraci.
“That’s about what physical gold ETFs have taken in over the past year,” he exclaimed.
Approximately 950,000 Bitcoins have been amassed by U.S.-based Bitcoin Exchange Traded Funds (ETFs), a sum that is nearly equivalent to the estimated holdings of Satoshi Nakamoto, the creator of Bitcoin, distributed across various digital wallets.
The BlackRock-managed iShares Bitcoin Trust (IBIT) saw the highest investment, totaling approximately $309 million. This addition boosts the overall investment volume for this product to a staggering $22.7 billion.
21Shares ARKB fund ranked as the second largest inflow of the day, totaling approximately $100.2 million. Meanwhile, the GBTC fund by Grayscale, despite charging a higher fee, also experienced an inflow of $45.7 million.
On the other hand, its net outflows amount to approximately -$20 billion, reducing the total to roughly half of its potential maximum value.
ETFs Buy 7032 #Bitcoin Today
That’s 31,600 BTC over the last week.
Over $2 Billion in flows
The wave is building
— Thomas | heyapollo.com (@thomas_fahrer) October 18, 2024
ETH ETFs Are Back
Despite not being as popular, there was a significant increase in investments on October 17th for the nine Ethereum ETFs, marking the largest inflow since late September.
48.4 million dollars in total net investments were recorded by Farside Investors. The Fidelity Ethereum ETF (FETH) saw the highest inflow at 31.1 million dollars, boosting its overall amount to nearly half a billion dollars. BlackRock’s iShares Ethereum Trust (ETHA) followed closely with an inflow of 23.6 million dollars, increasing the total investment inflow to $1.26 billion.
The Grayscale Ethereum Trust (ETHE) is still experiencing significant losses, with a net outflow of approximately $15.7 million. Since its conversion to a spot ETF, it has suffered total losses amounting to around $3 billion. This decline is impacting the overall performance, causing a combined outflow of $469 million across all Ethereum investment funds.
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2024-10-18 14:05