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The crypto market saw substantial inflows into Ethereum and Bitcoin spot ETFs in the US market on October 17. As per the latest statistics, the cumulative inflows in the Bitcoin $BTC ETFs have touched a staggering $470.5M while the Ethereum $ETH ETFs added $48.4M. These figures indicate a continued institutional interest in these assets with industry giants like Fidelity and BlackRock leading it.
US Bitcoin and Ethereum ETF Net Inflows Update on October 17, 2024.
— IT Tech (@IT_Tech_PL) October 18, 2024
The US Spot ETF Net Inflows on October 17, 2024, are recorded at +$470.5M for BTC and +$48.4M for ETH.
1. Key statistics for 11 Bitcoin Spot ETFs: +$470.5M
•The net flow has maintained a strong positive of… pic.twitter.com/9Unm5He48Y
US Bitcoin Spot ETFs Pocket a Stunning $470.5M in Inflows on October 17
The data reveals that 11 Bitcoin ETFs witnessed a huge amount of up to $470.5M in net inflows. This denotes the 5th consecutive day in the case of positive flows surpassing $250M. It highlights a period of continued positive market momentum. BlackRock reportedly dominates the market as its iShares Bitcoin Trust ($IBIT) has reportedly received nearly 4,619 $BTC. This figure reportedly accounts for $309M in total. In the case of $IBIT, this is the 3rd consecutive day of market dominance. This further fortifies the ETF’s position in the ETF sector.
Ethereum ETFs Effectively Reach $8.4M in Net Inflows
Ethereum ETFs additionally recorded positive inflows with the inclusion of $48.4M across diverse funds. This signifies the 2nd consecutive day of positive flows for $ETH ETFs. For Ethereum ETFs, this has taken place after a volatile period of 6 days. Hence, it shows a likely stabilization in the overall Ethereum market. $FETH of Fidelity led the day by adding the biggest inflow of almost $31.1M. BlackRock’s $ETHA closely followed it by attracting $23.6m.
Nonetheless, not all of the $ETH ETFs beheld positive flows. Grayscale’s $ETHE experienced a substantial outflow of $15.7M. Overall, the net inflow of the Ethereum ETFs is moving around -$474M after sixty-two trading days. Even then, the current spike in inflows, especially in Bitcoin ETFs points toward an increasing interest in crypto assets.