Bitcoin ETF

Bitcoin

Spot

Spot Bitcoin exchange-traded funds in the U.S. recorded $479.35 million in inflows on Oct. 28 marking their fourth straight day of net inflows while spot Ether ETFs saw a slowdown in net outflows.
According to <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="noopener noreferrer nofollow">data </a>from SoSoValue, the majority of the inflows were seen from BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, which saw $315.2 million enter the fund, extending its inflow streak of 10 days. Since its launch, the fund has amassed $24.3 billion in cumulative net inflows.
This strong performance from 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 the Grayscale Bitcoin Mini Trust, with inflows of $38.67 million and $21.59 million, respectively.
None of the Bitcoin ETFs, including Grayscale’s flagship GBTC, reported outflows on Oct. 28. However, GBTC remains marked by a cumulative net outflow of $20.11 billion since inception.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/will-novembers-rate-cuts-election-push-btc-past-100k/"> BTC dominance nears 60% — Will November’s rate cuts and election push Bitcoin past $100K? </a>
<h2 class="wp-block-heading" id="nearing-the-1-million-btc-milestone">Nearing the 1 million BTC milestone</h2>
With these substantial inflows, the total Bitcoin held by U.S. spot Bitcoin ETF issuers has surged to <a href="https://heyapollo.com/bitcoin-tracker/overview" target="_blank" rel="noopener noreferrer nofollow">976,893 BTC,</a> valued at over $69.3 billion, constituting nearly 5% of Bitcoin’s $1.34 trillion market capitalization.
The current momentum suggests the cumulative holdings could reach 1 million BTC by this week. At present prices, an additional $1.64 billion in net inflows is required to bridge the 23,107 BTC gap needed to hit this historic milestone.
To reach this target by the week’s end, ETFs would need to sustain an average daily inflow of $328 million.
The surge in demand for these investment products has <a href="https://crypto.news/bitcoin-etf-inflows-3-billion-demand-6-month-high/" target="_blank" rel="noopener noreferrer nofollow">pushed inflows to over $3.5 billion</a> in October, coinciding with a 5% price jump that saw Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) hit a four-month high of $71,500 before consolidating to $70,980. Investor sentiment appeared buoyed by the potential <a href="https://crypto.news/will-novembers-rate-cuts-election-push-btc-past-100k/" target="_blank" rel="noopener noreferrer nofollow">outcomes of next week’s U.S. election</a>, the Federal Reserve’s potential interest rate adjustments, and Russia’s <a href="https://crypto.news/russias-putin-gives-green-light-to-bitcoin-mining-legalization/" target="_blank" rel="noopener noreferrer nofollow">expected lift of its ban</a> on Bitcoin mining in November.
<h2 class="wp-block-heading" id="ether-etfs-see-slowed-outflows">Ether ETFs see slowed outflows</h2>
Meanwhile, spot Ether ETFs in the U.S. saw a deceleration in outflows on Oct. 28, with only <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="noopener noreferrer nofollow">$1.14 million</a> exiting 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 saw inflows of $5.02 million and $2.28 million, respectively. The remaining spot Ether ETFs reported no net flows on the day.
This modest decrease in Ether ETF outflows aligns with a broader market upswing, with Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) rising 3.6% to $2,611.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/emory-university-is-first-endowment-to-hold-bitcoin-etf/"> Emory University is first endowment to hold Bitcoin ETF </a>

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

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