Key Points
On October 28th, spot Bitcoin exchange-traded funds (ETFs) in the United States recorded $479.35 million in inflows.
This marked the fourth consecutive day of net inflows.
On the other hand, spot Ether ETFs saw a decrease in net outflows.
Bitcoin ETFs Performance
The data from SoSoValue shows that the majority of the inflows came from BlackRock’s IBIT.
This is the largest Bitcoin ETF by assets under management.
IBIT saw $315.2 million enter the fund, extending its inflow streak to 10 days.
Since its inception, the fund has accumulated $24.3 billion in cumulative net inflows.
Other Bitcoin ETFs also saw inflows.
These include ARK 21Shares’ ARKB and Fidelity’s FBTC, which recorded $59.78 million and $44.12 million, respectively.
Additionally, Biwise’s BITB and the Grayscale Bitcoin Mini Trust also made smaller but significant contributions.
They reported inflows of $38.67 million and $21.59 million, respectively.
No Bitcoin ETFs, including Grayscale’s flagship GBTC, reported outflows on Oct. 28.
However, GBTC has had a cumulative net outflow of $20.11 billion since it was launched.
Bitcoin ETFs Nearing 1 Million BTC
These significant inflows have increased the total Bitcoin held by U.S. spot Bitcoin ETF issuers to 976,893 BTC.
This is according to data from Apollo.
This is valued at over $69.3 billion, which is nearly 5% of Bitcoin’s $1.34 trillion market capitalization.
The current momentum suggests that the cumulative holdings could reach 1 million BTC this week.
To achieve this, an additional $1.64 billion in net inflows is needed.
This would bridge the 23,107 BTC gap needed to reach this historic milestone.
To reach this target by the end of the week, ETFs would need to maintain an average daily inflow of $328 million.
The demand for these investment products has increased.
This has pushed inflows to over $3.5 billion in October.
This coincided with a 5% price increase that saw Bitcoin (BTC) reach a four-month high of $71,500 before consolidating to $70,980.
Ether ETFs Experience Slowed Outflows
Meanwhile, spot Ether ETFs in the U.S. saw a decrease in outflows on Oct. 28.
Only $1.14 million exited the funds compared to $19.16 million the previous day.
The majority of the outflows came from Grayscale’s ETHE, with $8.44 million withdrawn.
However, this was partially offset by inflows into Fidelity’s FETH and BlackRock’s ETHA.
These funds saw inflows of $5.02 million and $2.28 million, respectively.
The remaining spot Ether ETFs reported no net flows on the day.
This decrease in Ether ETF outflows aligns with a broader market upswing.
Ethereum (ETH) rose 3.6% to $2,611.