Spot Bitcoin ETFs Attract $235M Inflow Led by Fidelity’s FBTC

US spot exchange-traded funds (ETFs) are back with gains, recording a net inflow of $235 million on Monday, October 7, 2024.

Fidelity Wise Origin Bitcoin Fund (FBTC) was the primary beneficiary, attracting a single-day net inflow of $103.68 million, bringing the fund’s historical net inflow to $9.95 billion.

BlackRock’s Historical Net Inflow Reaches $21.66B

Trailing FBTC is BlackRock’s iShares Bitcoin Trust (IBIT), which received an inflow of $98 million. IBIT’s total historical net inflow has reached $21.66 billion, the highest among its peers.

Other funds that attracted positive inflows for the day include Bitwise Bitcoin ETF (BITB), which had a net inflow of $13 million; ARK 21Shares Bitcoin ETF (ARKB), which had a net inflow of $12.63 million. VanEck Bitcoin Trust (HODL) had a net inflow of $5.37 million, and Galaxy Bitcoin ETF (BTCO) had a net inflow of $2.53 million.

Grayscale‘s Bitcoin Trust (GBTC) sell-off subsided as the fund posted zero flow for the day. This now takes the product’s historical net outflow to a staggering $20.14 billion. Other funds with zero flow include Valkyrie Bitcoin Fund (BRRR), Franklin Bitcoin ETF (EZBC), Grayscale Bitcoin Mini Trust (BTC), WisdomTree Bitcoin Fund (BTCW), and Hashdex Bitcoin ETF (DEFI). 

The total trade volume for October 7 amongst the 12 funds reached $1.22 billion.

Over $18B in Cumulative Inflow 

As of the time of writing, US spot ETFs have recorded a cumulative net inflow of $18.73 billion since their inception on January 11. The funds have a total net asset value (NAV) of $58.81 billion, representing 4.72% of bitcoin’s market value.

Meanwhile, the latest development comes after Spot Bitcoin ETFs witnessed selling pressures. Data shows over $300 million exited the fund from October 1 to October 3. However, that was after they ended September with more than $1.1 billion inflow.

Bitcoin hovered around $62,000 at press time, representing a decline of less than 2% on the day and a 3% drop over the past week.