Spot Bitcoin ETFs Attract Over $2.1B in Weekly Inflow

The United States spot Bitcoin exchange-traded funds (ETF) saw an impressive net inflow of over $2.1 billion last week (October 14-October 18), marking its third-highest record in history. 

The inflow coincides with a recent rise in bitcoin’s price, which has helped the funds to set a new record value. The world’s largest cryptocurrency has risen about 12% from its value on October 10 to hit its current price of over $68,000.

BlackRock Leads the Weekly Inflow Chart

The funds had their best trading week for inflows since early March, recording inflows worth $2.13 billion in their fourth-best week yet and extending their ongoing inflow streak to six days. 

According to data from the analytics platform SoSoValue, the majority of the weekly inflow came from the BlackRock iShares Bitcoin Trust (IBIT) with a net inflow of 1.14 billion.

Trailing IBIT is Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale’s Bitcoin Trust (GBTC) with a weekly net inflow of $319 million and $91.47 million, respectively. 

The latest data brings the cumulative net inflow into US spot Bitcoin ETFs to $20.94 billion since they started trading on January 11. Moreover, the products currently have a net asset value (NAV) of $66.11 billion. The value held in these ETFs represents 4.89% of Bitcoin’s total market cap.

The funds’ cumulative inflows crossed the $20 billion mark on Wednesday, a metric that Bloomberg senior ETF analyst Eric Balchunas called “the most difficult” to grow in the ETF world.

Recently, the SEC gave the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) “accelerated approval” to list option trading for the eleven spot Bitcoin ETFs. 

Ethereum ETFs Record Lower Inflows 

Unlike Bitcoin’s impressive record, Ethereum spot exchange-traded funds saw lower inflows. According to data from SoSoValue, the products recorded a net inflow of $78.89 million last week. 

Bitcoin was trading at $68,354 at press time, representing a mild 0.07% drop in the last 24 hours, while Ethereum exchanged hands at $2,706.