The US-based spot Bitcoin ETFs produced a magnificent performance in the past week recording $2.1 billion in net inflows. Meanwhile, their Ethereum counterparts have finally turned the corner registering their third positive weekly inflows since their trading debut in July.
Spot Bitcoin ETFs Record Highest Daily Inflow Since June
After a return to positive net flows in the second week of October, the spot Bitcoin ETFs attracted massive levels of investments in the past week which began with $555.86 million worth of inflows recorded on Monday, October 14, representing the highest daily inflows witnessed by these ETFs since June 4.
According to data from SoSoValue, these Bitcoin ETFs experienced positive investments of similar sizes for the rest of the week culminating in a total inflow of $2.18 billion, which is the fourth-highest weekly net flow registered by these investment funds since their launch in January.
Of these reported figures, over $1.14 billion was invested in BlackRock’s IBIT, which retains its position as the largest spot Bitcoin ETF with cumulative net inflows of $22.84 billion. Unsurprisingly, Fidelity’s FBTC came a distant second with inflows valued at $318.82 million.
Bitwise’s BITB also attracted investments valued at $149.81 million while Grayscale’s GBTC broke a 21-week streak of outflows, recording its largest weekly inflow of $91.47 million. All other spot Bitcoin ETFs except Hashdex’s DEFI also experienced significant levels of inflows albeit below $50 million.
Presently, the cumulative total net inflows of the spot Bitcoin ETFs stand at $20.98 billion. Meanwhile, these investment funds hold total net assets of $66.11 billion i.e. 4.89% of the Bitcoin market cap. These figures being achieved within ten months of trading demonstrate the enormous potential of these ETFs in driving Bitcoin adoption.
Spot Ethereum ETFs Back To Positive Netflows
In the past week, the spot Ethereum ETFs also recorded positive weekly inflows to the tune of $78.98 million. While this figure seems significantly small compared to that of the Bitcoin ETFs, it represents the third positive net flow in thirteen weeks of trading.
Similar to their Bitcoin counterpart, BlackRock’s ETHA accounted for the majority of the reported figures with a $49.76 million inflow while Fidelity’s FETH emerged second, attracting investments valued at $43.52 million. The spot Ethereum ETFs continue to report a negative cumulative total net outflow of $479.99 million while holding 2.31% of the Ethereum market cap represented in $7.35 billion ETH.
At the time of writing, Ethereum trades at $2,649 with a 0.49% gain on the past day. Meanwhile, Bitcoin is valued at $68,168 following a minor decline in the last 24 hours.
BTC trading at $68,187 on the daily chart | Source: BTCUSD chart on Tradingview.com
Featured image from PCMag, chart from Tradingview
Semilore Faleti
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
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