Today saw a significant surge in spot Bitcoin US exchange-traded funds (ETFs), attracting an impressive inflow of $556 million across 12 funds. At the same time, Bitcoin itself experienced a resurgence, reaching a two-week peak of $66,500.
The standout performer was Farside (FBTC) with an inflow of $239 million, the best single-day figure since June. Other notable funds included Bitwise (BITB) with $100 million and BlackRock (IBIT), which successfully brought in $79.51 million from new investors.
Activity Surge in Various Funds
As the market rallied, multiple funds recorded inflows. The shares of ARK Invest and 21Shares (ARKB) approached nearly $70 million, while Grayscale (GBTC) reported its first inflow since September with just over $37 million, despite enduring $20 billion in cumulative outflows since the fund’s launch.
Additionally, smaller funds such as HODL, EZBC, BTCO, Grayscale BTC Mini Trust, and Valkyrie, collectively recorded inflows surpassing $29 million.
The heightened activity drove the trading volumes of these 12 Bitcoin ETFs to $2.61 billion. Analysts believe this upward trend could further boost these funds, leveraging a total of $19.36 billion in net inflows collected over the last 10 months. Bitcoin ETFs are outpacing gold-based products with $1.5 billion in net inflows this year.
Ethereum ETFs Lagging
In contrast, Bitcoin ETFs have significantly outperformed Ethereum ETFs, which saw a more subdued response. Net inflows for Ethereum ETFs totaled $17 million, primarily driven by BlackRock (ETHA) with $14 million.
Funds from Fidelity (FETH), Invesco (QETH), and 21Shares (CETH) saw flows ranging from $393,690 to $1.30 million. Trading volumes for Ethereum ETFs surged to $210 million from the prior day’s $143.54 million, but they have faced net outflows of $542 million since their inception in July.
The overall cryptocurrency market is also rebounding, with Bitcoin trading at $65,268 and Ethereum rising nearly 3% to reach $2,594 by day’s end.
Nate Geraci, President of ETF Store, remarked that the day was a “monster day” for spot Bitcoin ETFs, underscoring the increasing allure of this investment vehicle compared to traditional assets like gold.
Featured image from Global Finance Magazine, chart from TradingView
