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On October 14, 2024, U.S. spot Bitcoin exchange traded funds (ETFs) crossed the 500 million dollar barrier thanks to a major spike in inflows. The price of Bitcoin (BTC) reached a two-week high of $66,500 and the largest one day inflow since April 11th to approximately $87.9 million, per data from Farside Investors.
Net inflows in the 11 U.S. spots Bitcoin ETFs on the day totalled $555.9 million, the most since early June. It comes as interest from institutions rises as well as in Bitcoin’s value among financial advisers and hedge fund types of investors.
BlackRock’s iShares Bitcoin Trust Gains Strong Traction
We’re talking about a monster day to get a BTC ETF through, a huge day to signal to these folks that it’s not just your entry-level institutional players, it’s really institutional players and financial advisers driving the growth here, Nate Geraci, President of The ETF Store, told Beast. On October 15, Geraci tagged a post in which he reported that nearly $20 billion had rushed into spot BTC ETFs over the past 10 months.
Revealing that his team could not possibly respond to all the orders and rejecting the notion sales were made by speculative retail traders, he said: ‘It simply blows away every single pre launch demand estimate.’ But it indicates the growing and steady uptake of Bitcoin among professional investors.
The surge mirrors a wider trend in which institutional players are feasting to enter the crypto space. Nowadays, risk averse investors who wish to diversify their portfolio are getting increasingly attracted to BTC ETFs, which allow investors to gain exposure to BTC without taking the direct decision of buying and holding the ‘cryptocurrency.’
The Fidelity Wise Bitcoin Origin Fund (FBTC) was one of the top overall ETFs, capturing $239.3 million in inflows, its largest amount since June 4. Because of its reputation and powerful performance in the BTC ETF market, this fund has always attracted no attention.
BitB, an exchange-traded product (ETF) based around BTC, picked up $100 million in inflows as well, while BlackRock’s iShares BTC Trust (IBIT) took in $79.6 million. This has become so interesting with the traction of BlackRock in the global financial market, and many more people have said BlackRock’s foray into BTC ETF is an indication that we are at the right pace of the cryptos adoption by the mainstream.
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Modest Inflows for Ethereum ETFs Compared to Bitcoin
The Ark 21Shares Bitcoin ETF (ARKB) brought in just under $70 million and the Grayscale BTC Trust (GBTC) saw $37.8 million in inflows, its largest single day inflow since early May.
Bloomberg senior ETF analyst Eric Balchunas compared the performance of Bitcoin ETFs with traditional gold based products. We have seen Bitcoin ETFs hit all time highs five times since their trade inception a month ago, and gold hit record highs 30 times this year, he noted in October 14 post. However, gold ETFs have only attracted $1.4 billion in net inflows as opposed to the massive $19 billion inflows into BTC ETFs.
This comparison illustrates why more and more people are willing to invest in BTC as a store of value and an investment asset. Gold has long been viewed as a safe haven asset, being taken by investors to seek shelter, but BTC is starting to eat into its share of the safe haven business, at least where investor interest and inflows into ETFs are concerned.
Bitcoin ETFs are also on a high, while Ethereum funds haven’t been in such demand. At the same time, a number of Ethereum ETFs, including those from Bitwise, VanEck, Franklin and Grayscale, had no net inflows during the same timeframe. Flows into their Ethereum funds were only minor for Fidelity and Invesco.
The broader iShares Ethereum Trust (ETHA) brought in only $14.3 million in net inflows, totalling $17 million. But that’s nothing compared to the inflows that Bitcoin ETFs have experienced, showing just where the market has its heart at the moment: BTC over all other cryptos.
Conclusion
Bitcoin ETF inflows surge, is a significant moment for the cryptocurrency market as institutional investors come to understand the value of Bitcoin. It seems Bitcoin, with its continued outperformance of other assets, such as gold, will increasingly become a mainstream financial instrument, presenting a bright future for the crypto investment product.
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