The United States-based spot Bitcoin ETFs have witnessed a remarkable surge in performance over the past week, recording a stunning $2.1 billion in net inflows. Concurrently, the spot Ethereum ETFs have shown promising signs of recovery, registering their third consecutive week of positive inflows since their market debut in July.
Unprecedented Growth for Spot Bitcoin ETFs
Within the second week of October, spot Bitcoin ETFs saw a significant influx of investments, marking a return to positive net flows. The week commenced with an impressive $555.86 million worth of inflows on Monday, October 14, the highest daily inflow since June 4. According to SoSoValue data, these ETFs continued to experience substantial investments throughout the week, culminating in an overall inflow of $2.18 billion. This marks the fourth-largest weekly net flow for these funds since their inception in January.
A closer look at the numbers reveals that BlackRock’s IBIT attracted over $1.14 billion, reinforcing its status as the largest spot Bitcoin ETF, with cumulative net inflows totaling $22.84 billion. Fidelity’s FBTC followed as a distant second, with inflows amounting to $318.82 million. Bitwise’s BITB also garnered investments worth $149.81 million, while Grayscale’s GBTC ended a 21-week outflow streak by recording its largest weekly inflow of $91.47 million. Other spot Bitcoin ETFs, except for Hashdex’s DEFI, reported inflows below $50 million.
Currently, the cumulative total net inflows of spot Bitcoin ETFs stand at an impressive $20.98 billion. These investment funds cumulatively hold net assets valued at $66.11 billion, representing 4.89% of the Bitcoin market cap. The achievements realized within just ten months of trading underscore the immense potential of these ETFs in fostering widespread Bitcoin adoption.
Spot Ethereum ETFs: Rebounding with Positive Net Flows
In a parallel development, spot Ethereum ETFs have also marked a positive trajectory over the past week, recording inflows amounting to $78.98 million. While this figure may appear modest compared to Bitcoin ETFs, it signifies the third positive net flow in thirteen weeks of trading.
Leading the charge, BlackRock’s ETHA accounted for a substantial portion of the inflows with $49.76 million, followed by Fidelity’s FETH, which attracted investments worth $43.52 million. Despite these gains, spot Ethereum ETFs still report a negative cumulative total net outflow of $479.99 million. However, they hold a significant 2.31% of the Ethereum market cap, represented by $7.35 billion in ETH.
As of the current writing, Ethereum is trading at $2,649, reflecting a 0.49% gain in the past day. In contrast, Bitcoin is valued at $68,168 following a minor decline over the last 24 hours.
The recent performance of both Bitcoin and Ethereum ETFs highlights their growing appeal among investors, emphasizing their role in the evolving landscape of cryptocurrency investments. As these ETFs continue to mature, they are expected to play a pivotal role in the broader adoption of digital assets.
