Spot bitcoin ETFs gain $528 million while ether funds break outflow run

what happened

US spot bitcoin exchange-traded funds recorded net inflows of $528.4 million on Wednesday, according to The Block's tally. BlackRock's IBIT drew $235 million, and Fidelity's FBTC added $212.7 million, so those two products made up most of the day's money. Grayscale and Bitwise together attracted $51.2 million, while VanEck, Morgan Stanley, Invesco and WisdomTree saw no flows.

Since launch in January 2024, the funds have accumulated roughly $58 billion in net inflows, and their net assets stand at $109.3 billion, per SoSoValue. Over three sessions this week they have attracted more than $1 billion, even as bitcoin trades in a quiet range. Ether ETFs also turned positive, with $14.9 million in combined net inflows after five straight days of outflows. Grayscale's fund led with $28.1 million, and Fidelity's FETH received $13 million.

why it matters

K33 says bitcoin's 28-day realized volatility dropped to 1.2%, near its lowest level this year, as investors wait for the Federal Reserve's October 28 rate decision and the November 3 US midterm elections. Glassnode notes that buyers appeared near ETF and corporate treasury cost bases after the October 15 slide to about $80,000, and it places the next concentration of sell orders and liquidations between $85,000 and $87,500. Bitcoin was above $81,900 early Thursday, down 1.5% over 24 hours.

market impact

BTC, ETH: steady ETF inflows support demand for bitcoin and ether

tags

instruments