 Bitcoin ETFs end three-day skid with $254M inflow 
2024-10-12

United States-based spot Bitcoin exchange-traded funds tallied $253.6 million in net inflows on Oct. 11 — breaking three consecutive trading days of outflows.
The Fidelity Wise Origin Bitcoin Fund led all with a net inflow of $117.1 million, while the ARK 21Shares Bitcoin ETF saw $97.6 million, Farside Investors data shows.
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.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded a “0” flow on the day, as did the Bitcoin ETFs issued by Franklin Templeton, Valkyrie and WisdomTree.
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.
It followed a 7.3% Bitcoin rally to a local high of $63,360 on Oct. 11 before cooling off to $62,530 at current prices, CoinGecko data shows.
BlackRock continues to lead all spot Bitcoin ETF issuers with $21.7 billion in total net inflows, while Fidelity is $15 million away from surpassing the $10 billion milestone.
ARK 21Shares and Bitwise are the only other two spot Bitcoin ETF issuers with net inflows of $2 billion or more.
Total net inflows across all spot Bitcoin ETFs currently amount to $18.9 billion, which includes over $20 billion in outflows from the Grayscale Bitcoin Trust.
Ethereum ETF flows continue to struggle
Seven of the nine US-based spot Ether ETHUSD ETFs recorded a “0” on Oct. 11 — marking the third time that has happened in the last five trading days.
The spot Ether ETFs combined for a $0.1 million net outflow on Oct. 11 with all inflows coming from the Fidelity Ethereum Fund, Farside Investors data shows.
The Grayscale Ethereum Trust bled $8.7 million.
The 21Shares, VanEck and Invesco-issued ETH ETFs and have now seen at least eight consecutive “0” days.
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 Cointelegraph.
Others aren’t entirely convinced that Wall Street investors understand Ethereum’s highly technical roadmap — making it difficult for them to see where Ethereum’s value lies.