David Edwards
United States-based spot Bitcoin exchange-traded funds (ETFs) saw a sharp reversal on October 11, securing $253.6 million in net inflows after three consecutive days of outflows. Leading the surge was the Fidelity Wise Origin Bitcoin Fund, which brought in $117.1 million, while ARK 21Shares Bitcoin ETF followed with $97.6 million, according to data from Farside Investors.
Bitwise Bitcoin ETF also recorded its largest inflow in 11 trading days, adding $38.8 million. Invesco Galaxy and VanEck Bitcoin ETFs registered smaller, yet positive inflows. However, BlackRock’s iShares Bitcoin Trust (IBIT), along with Bitcoin ETFs issued by Franklin Templeton, Valkyrie, and WisdomTree, reported zero activity for the day.
This $253.6 million inflow not only ended the streak of outflows but also more than offset the $140 million in losses sustained between October 8 and 10. Despite BlackRock’s IBIT not contributing, it was the third-largest combined inflow day on record for spot Bitcoin ETFs.
Grayscale’s Bitcoin Trust, however, experienced another $22.1 million in outflows, continuing its negative trend.
The inflow momentum followed a 7.3% rally in Bitcoin prices, which reached a local high of $63,360 before cooling down to $62,530, according to CoinGecko data.
BlackRock and Fidelity Lead the Bitcoin ETF Market
BlackRock continues to dominate the spot Bitcoin ETF space, boasting $21.7 billion in total net inflows, while Fidelity nears the $10 billion mark, only $15 million away. ARK 21Shares and Bitwise are the only other issuers to surpass the $2 billion threshold in net inflows.
Across all U.S. spot Bitcoin ETFs, total net inflows stand at $18.9 billion, which factors in over $20 billion in outflows from the Grayscale Bitcoin Trust.
Ether ETF Market Struggles
In contrast, spot Ether (ETH) ETFs saw lackluster performance on October 11. Seven of the nine U.S.-based Ether ETFs recorded no activity, marking the third time this has occurred in the past five trading days. The total outflow for the day was a modest $0.1 million, with all positive flows coming from the Fidelity Ethereum Fund. Grayscale’s Ethereum Trust, on the other hand, lost $8.7 million.
The tepid demand for Ether ETFs may be due to unfavorable market timing, as suggested by Bitstamp Americas CEO Bobby Zagotta, who cited investor hesitation amid broader macroeconomic and regulatory uncertainties. Additionally, some analysts argue that Wall Street’s lack of understanding of Ethereum’s technical roadmap could also be contributing to weaker interest.
