Bitcoin ETFs log 4-day inflow streak with $479m, Ether ETFs face outflows

Spot Bitcoin exchange-traded funds in the US recorded inflows of $479.35 million for the fourth consecutive day of net inflows on October 28, while spot Ether ETFs saw a slowdown in net outflows.

The majority of inflows were seen from BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, with $315.2 million entering the fund, extending its inflow streak to 10 days, according to data from SoSoValue. The fund has generated cumulative net inflows of $24.3 billion since its inception.

This strong performance by IBIT was complemented by inflows into other Bitcoin ETFs, including ARK 21Shares’ ARKB and Fidelity’s FBTC, which saw $59.78 million and $44.12 million, respectively. Additionally, smaller but notable contributions were observed from Biwise’s BITB and Grayscale Bitcoin Mini Trust, with inflows of $38.67 million and $21.59 million respectively.

No Bitcoin ETFs reported outflows on October 28, including Grayscale’s flagship GBTC. However, GBTC stands out with a cumulative net outflow of $20.11 billion since its inception.

Approaching the 1 million BTC milestone

With these significant inflows, total Bitcoin held by spot Bitcoin ETF issuers in the US increased to 976,893 BTC, worth over $69.3 billion, accounting for approximately 5% of Bitcoin’s $1.34 trillion market cap.

Current momentum suggests that cumulative assets could reach 1 million BTC by this week. At current prices, an additional net inflow of $1.64 billion is required to close the 23,107 BTC gap needed to reach this historic milestone.

To hit that goal by the end of the week, ETFs need to maintain average daily inflows of $328 million.

The surge in demand for these investment products pushed inflows to over $3.5 billion in October; This coincided with a 5% price increase that coincided with Bitcoin (BTC) hitting a four-month high of $71,500 before consolidating to $70,980. Investor sentiment appeared buoyed by the potential results of next week’s US elections, possible interest rate adjustments by the Federal Reserve and the prospect of Russia lifting its ban on Bitcoin mining in November.

Outflows slowed in Ether ETFs

Meanwhile, outflows from spot Ether ETFs in the US saw a slowdown on October 28; Only $1.14 million came out of the funds, compared to $19.16 million the previous day.

Grayscale’s ETHE recorded the bulk of the outflows with $8.44 million withdrawn. However, this was partially offset by inflows into Fidelity’s FETH and BlackRock’s ETHA, which recorded inflows of $5.02 million and $2.28 million, respectively. The remaining spot Ether ETFs did not report any net flows on the day.

This modest decline in Ether ETF outflows is in line with a broader market rally, with Ethereum (ETH) rising 3.6% to $2,611.