The negative sentiment in the crypto market seems to have turned to mild optimism. US Bitcoin (BTC) Spot Exchange Traded Funds (ETFs) saw significant inflows on October 11, according to data from analytics platform Farside.
A total of $254 million was invested in the funds, breaking three consecutive days of outflows. These inflows far exceeded the $140 million in outflows that occurred between October 8 and 10.
Total Bitcoin ETF inflows
Friday marked the third largest combined inflow on days when BlackRock’s iShares Bitcoin Trust (IBIT) did not contribute. IBIT is the most popular Bitcoin fund. The Fidelity Wise Origin Bitcoin Fund dominated the inflows with a net increase of $117.1 million, followed by the ARK 21Shares Bitcoin ETF with $97.6 million. The Bitwise Bitcoin ETF recorded inflows of $38.8 million, the largest in 11 trading days. The Invesco Galaxy and VanEck Bitcoin ETFs also saw positive inflows.
BlackRock’s IBIT recorded no inflows on the day, nor did Franklin Templeton, Valkyrie and WisdomTree’s Bitcoin ETFs. At the same time, the Grayscale Bitcoin Trust posted an outflow of $22.1 million.
Although BlackRock saw no inflows, it remains the largest player in the Bitcoin ETF market with a total of $21.7 billion in net inflows. Fidelity is close to the important milestone of $10 billion. Besides BlackRock and Fidelity, ARK 21Shares and Bitwise are the only other providers with net inflows of more than $2 billion.
Ethereum ETFs Disappoint
In contrast to the strong performance of Bitcoin ETFs, the situation with Ethereum (ETH) is disappointing. Spot ETH funds saw little demand on October 11, with total outflows of just $0.1 million. Institutional investors currently seem to favor Bitcoin, the more established name in the crypto world.
Source: https://newsbit.nl/bitcoin-etfs-herstellen-met-grote-instroom-van-254-miljoen/
