As a seasoned crypto investor with over a decade of experience in this ever-evolving market, I find it fascinating to witness the ebb and flow of Bitcoin and Ethereum exchange-traded funds (ETFs). The recent surge in Bitcoin ETF inflows is certainly promising, with giants like Fidelity and ARK leading the charge. It’s heartening to see institutions recognizing the potential of Bitcoin, even amidst regulatory uncertainties and political turbulence.
On October 11, U.S.-based Bitcoin exchange-traded funds recorded a total of $253.6 million in new investments, marking an end to three consecutive days of withdrawals.
In other news, the Fidelity Wise Origin Bitcoin Fund garnered the highest investment flow of $117.1 million, with the ARK 21Shares Bitcoin ETF coming in second at $97.6 million, according to data from Farside Investors.
The Bitwise Bitcoin ETF raked in $38.8 million — its largest in 11 trading days — while the Invesco Galaxy and VanEck Bitcoin ETFs saw inflows too.
On the given day, the BlackRock’s iShares Bitcoin Trust (IBIT), along with Bitcoin ETFs from Franklin Templeton, Valkyrie, and WisdomTree, showed no inflow or outflow of funds.
It was the third-largest combined inflow day in which BlackRock’s IBIT failed to contribute.
Meanwhile, the Grayscale Bitcoin Trust bled another $22.1 million.
The $253.6 million inflow more than covered the $140 million that left the Bitcoin ETFs between Oct. 8 and 10.
After experiencing a surge of 7.3%, Bitcoin reached an all-time high of $63,360 on October 11th. However, the price has since dropped slightly and is now trading at around $62,530 according to CoinGecko data.
BlackRock remains the top Bitcoin Spot ETF provider, accumulating a total of $21.7 billion in investments, while Fidelity is on the verge of breaking through the $10 billion threshold, with only $15 million left to reach it.
As an analyst, I find that ARK 21Shares and Bitwise are the sole other two exchange-traded fund (ETF) providers, apart from myself, who have experienced net inflows exceeding $2 billion in value, specifically in the realm of spot Bitcoin ETFs.
The combined total of funds flowing into all active Bitcoin spot ETFs currently stands at approximately $18.9 billion, with more than $20 billion leaving the Grayscale Bitcoin Trust as part of this figure.
Ethereum ETF flows continue to struggle
On October 11, seven out of the nine U.S.-listed Ether (ETH) ETFs reported a “0” figure – this is the third occurrence within the past five trading days where this event has transpired.
On October 11th, the total Ether Exchange Traded Funds (ETFs) experienced a combined net outflow of approximately $0.1 million. It’s worth noting that all inflows during this period were contributed by the Fidelity Ethereum Fund, as indicated by data from Farside Investors.
The Grayscale Ethereum Trust bled $8.7 million.
Over the past eight trading days, these ETFs (Exchange Traded Funds) issued by 21Shares, VanEck, and Invesco for Ethereum have not recorded any trades or activity.
The low demand — relative to spot Bitcoin ETFs — could be attributed to the spot Ether ETFs launching at the wrong time, Bitstamp CEO for the Americas Bobby Zagotta recently told CryptoMoon.
“In this moment, people are waiting. I think they’re in the wait-and-see mode because of the uncertainty in the election, the regulatory stuff in the US, some of the sociopolitical stuff — everything is a little bit flat right now, relatively speaking.”
Some people doubt whether Wall Street investors fully grasp the intricate plans of Ethereum, which can make it challenging for them to discern the value Ethereum holds.
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2024-10-13 19:18