Spot Bitcoin ETFs See Third-Largest Weekly Inflow Totaling $2.2 Billion

US spot Bitcoin exchange-traded funds (ETFs) have recorded their third-largest weekly net inflow after seeing substantial daily inflows over the past week.

According to SoSoValue, the Bitcoin-based products, which started trading nine months ago, raked in $2.22 billion last week, marking the third-largest weekly net inflow since their conception. The week ran from October 28 to November 1.

BlackRock Claims Significant Market Share

As usual, BlackRock’s iShares Bitcoin Trust (IBIT) was the primary beneficiary, attracting a net inflow of $2.15 billion during the week. BlackRock has not pulled in a staggering $26.14 billion historical net inflow. It remains the largest spot Bitcoin ETF by net asset, currently holding at $29.95 billion. Fidelity Wise Origin Bitcoin Fund (FBTC) also witnessed a substantial inflow totaling $89.8 million.

The remaining funds, including Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Mini, witnessed smaller inflows.

Substantial daily inflows propelled this inflow witnessed within that week. For instance, the product saw positive flows of $479 million on Monday, $870 million on Tuesday, and $917 million on Wednesday (the biggest single-day inflow since March).

After the three-day streak, BTC surged near a local high of $73,600, nearing its all-time high (ATH) of $73,737 in March 2024. While BTC closed October with a 14% surge to around $70,000, the pioneering cryptocurrency has since witnessed a major retracement and trades below $69,000 at press time.

BTC has struggled after failing to hit a new peak above $73,737. Analysts predict further price retracement before the asset reaches a new peak.

Spot Ether ETFs Fails to Impress 

Meanwhile, spot Ether ETFs experienced smaller weekly inflows of $13 million. While spot Bitcoin ETFs have seen early success, spot Ether ETFs have not impressed since their inception in July.

Despite this, asset managers seek to launch investment products linked to the spot price of smaller digital asset assets like SOL and XRP.