The crypto market saw substantial inflows into Ethereum and Bitcoin spot ETFs in the US market on October 17. As per the latest statistics, the cumulative inflows in the Bitcoin $BTC ETFs have touched a staggering $470.5M while the Ethereum $ETH ETFs added $48.4M. These figures indicate a continued institutional interest in these assets with industry giants like Fidelity and BlackRock leading it.
US Bitcoin and Ethereum ETF Net Inflows Update on October 17, 2024.
The US Spot ETF Net Inflows on October 17, 2024, are recorded at +$470.5M for BTC and +$48.4M for ETH.
1. Key statistics for 11 Bitcoin Spot ETFs: +$470.5M
•The net flow has maintained a strong positive of… pic.twitter.com/9Unm5He48Y
— IT Tech (@IT_Tech_PL) October 18, 2024
US Bitcoin Spot ETFs Pocket a Stunning $470.5M in Inflows on October 17
The data reveals that 11 Bitcoin ETFs witnessed a huge amount of up to $470.5M in net inflows. This denotes the 5th consecutive day in the case of positive flows surpassing $250M. It highlights a period of continued positive market momentum. BlackRock reportedly dominates the market as its iShares Bitcoin Trust ($IBIT) has reportedly received nearly 4,619 $BTC. This figure reportedly accounts for $309M in total. In the case of $IBIT, this is the 3rd consecutive day of market dominance. This further fortifies the ETF’s position in the ETF sector.
Ethereum ETFs Effectively Reach $8.4M in Net Inflows
Ethereum ETFs additionally recorded positive inflows with the inclusion of $48.4M across diverse funds. This signifies the 2nd consecutive day of positive flows for $ETH ETFs. For Ethereum ETFs, this has taken place after a volatile period of 6 days. Hence, it shows a likely stabilization in the overall Ethereum market. $FETH of Fidelity led the day by adding the biggest inflow of almost $31.1M. BlackRock’s $ETHA closely followed it by attracting $23.6m.
Nonetheless, not all of the $ETH ETFs beheld positive flows. Grayscale’s $ETHE experienced a substantial outflow of $15.7M. Overall, the net inflow of the Ethereum ETFs is moving around -$474M after sixty-two trading days. Even then, the current spike in inflows, especially in Bitcoin ETFs points toward an increasing interest in crypto assets.