Bitcoin ETFs Net $21M Inflows October 9
MissedBlock Desk · · 3 min read
Updated
Bitcoin ETFs See Modest Inflows After Significant Outflows
U.S. spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $21.13 million on October 9, according to data compiled by SoSoValue. While a modest sum, the figure represents a turnaround after a substantial outflow the previous day.
Ethereum Funds Continue to Face Redemptions
In contrast, spot Ether ETFs experienced continued net outflows, shedding $56.10 million on the same day. This marked the ninth consecutive trading session of net redemptions for Ethereum-focused funds.
BlackRock Leads Bitcoin Inflows, Fidelity Sees Outflows
BlackRock’s iShares Bitcoin Trust (IBIT) was the primary driver of the day’s positive Bitcoin flows, attracting $22.38 million on its own, surpassing the total net inflow for the entire category. VanEck’s HODL ETF also saw inflows, adding $2.33 million. However, Fidelity’s FBTC experienced net withdrawals totaling $3.58 million, while other products registered no significant net change.
Cumulative Flows and Assets Under Management
Over the past five trading days, spot Bitcoin ETFs have collectively seen net outflows of approximately $679 million. Despite this recent trend, since their launch in January 2024, cumulative net inflows for these products have reached roughly $57.11 billion. Total assets under management across U.S. spot Bitcoin ETFs now stand at approximately $105.84 billion, representing about 6.38% of Bitcoin’s total market capitalization.
Divergent Investor Sentiment for Bitcoin and Ether
The performance of Ethereum ETFs paints a different picture. The $56.10 million outflow on October 9 extended a streak of net redemptions to nine consecutive days. BlackRock’s ETHA ETF was a significant contributor to these outflows, highlighting an interesting dynamic where the same issuer is a leading buyer of Bitcoin while a notable seller of Ether.
Key Issuers and ETF Mechanics
Major issuers in the spot ETF market include BlackRock (IBIT, ETHA), Fidelity (FBTC, FETH), VanEck (HODL), and Grayscale (GBTC, ETHE). Spot ETFs are designed to hold the underlying asset directly, meaning inflows typically require the fund to purchase more of the cryptocurrency, while outflows necessitate selling. This direct link makes daily flow figures closely watched indicators of institutional sentiment towards Bitcoin and Ether.
Concentration and Selective Investment
The data also points to a concentration in Bitcoin inflows, with IBIT alone accounting for more than the category’s net total. This suggests that the recent positive sentiment for Bitcoin ETFs is heavily reliant on a few key products. The divergence between Bitcoin and Ether flows on October 9 indicates that investors are not abandoning crypto ETFs broadly but are instead making selective choices, favoring Bitcoin while reducing exposure to Ether.