Bitcoin ETFs Record $555 Million Inflow as Crypto Market Rebounds

TLDR

• Bitcoin ETFs recorded $555.86 million in net inflows on Oct. 14, 2024
• This marks the largest single-day inflow in over four months
• Farside’s FBTC led with $239.25 million in inflows
• Bitcoin price reached a two-week high of $66,500
• Ethereum ETFs saw more modest inflows of $17.07 million

On October 14, 2024, spot Bitcoin exchange-traded funds (ETFs) in the United States experienced their largest single-day inflow in over four months, totaling $555.86 million across 12 funds.

This surge in investor interest comes as the cryptocurrency market shows signs of rebounding, with Bitcoin reaching a two-week high of $66,500.

Farside’s FBTC led the pack with an impressive inflow of $239.25 million, marking its largest influx since June 4.

Other notable performers included Bitwise’s BITB fund, which saw inflows of $100.2 million, and BlackRock’s IBIT, which recorded $79.51 million in new investments.

ARK Invest and 21Shares’ ARKB also performed well, with inflows of $69.8 million.

Grayscale’s GBTC, which has faced challenges in recent months, recorded its first inflow since September 27, with $37.77 million entering the fund.

However, the fund still faces cumulative outflows of $20.15 billion since its launch, despite the recent positive momentum.

Bitcoin ETF Flow

Smaller funds, including HODL, EZBC, BTCO, the Grayscale Bitcoin Mini Trust, and Valkyrie’s BRRR, collectively contributed an additional $29.34 million in inflows.

The surge in interest was accompanied by a significant increase in trading volumes, with total volume across the 12 Bitcoin ETFs reaching $2.61 billion.

This renewed optimism in the market has led some analysts to forecast further growth for Bitcoin ETFs. Over the past ten months, these funds have attracted a total of $19.36 billion in net inflows.

Bloomberg senior ETF analyst Eric Balchunas compared the performance of Bitcoin ETFs to gold-based products, noting that Bitcoin funds have hit an all-time high five times since their January launch, while gold ETFs have seen only $1.4 billion in net inflows this year.

Interesting, since the launch of the bitcoin ETFs bitcoin has hit records highs 5 times but gold has hit record highs 30 times.. albeit has only taken in $1.4b in net flows vs $19b for btc ETFs.. via @psarofagis pic.twitter.com/3ZNbuW1XJW

— Eric Balchunas (@EricBalchunas) October 14, 2024

In contrast to the strong performance of Bitcoin ETFs, Ethereum-focused funds saw a more muted response on the same day.

Total net inflows for Ethereum ETFs amounted to just $17.07 million, with BlackRock’s ETHA fund leading at $14.31 million.

Other Ethereum ETFs, including Fidelity’s FETH, Invesco’s QETH, and 21Shares’ CETH, recorded smaller inflows ranging from $393,690 to $1.31 million.

Despite the modest inflows, Ethereum ETF trading volumes did increase, reaching $210.4 million on October 14, up from $143.54 million the previous day.

However, since their July launch, Ethereum ETFs have faced net outflows totaling $541.82 million.

The cryptocurrency market as a whole showed signs of recovery, with Bitcoin trading at $65,268 by press time. Ethereum’s price also showed improvement, climbing 2.8% to $2,594.

Nate Geraci, President of ETF Store, described the day as a “monster day” for spot Bitcoin ETFs, reflecting the growing interest in cryptocurrency investment vehicles.

Monster day for spot btc ETFs…

$550mil inflows.

Now approaching *$20bil* net inflows in 10mos.

Simply ridiculous & blows away every pre-launch demand estimate.

This is NOT “degen retail” $$$ IMO.

It’s advisors & institutional investors continuing to slowly adopt.

— Nate Geraci (@NateGeraci) October 15, 2024

The strong performance of Bitcoin ETFs compared to traditional gold-based products highlights the shifting landscape of investment preferences in the digital age.