US bitcoin spot ETFs experience record growth: $556 million inflows in a single day

US bitcoin spot ETFs experience record growth: $556 million inflows in a single day

Spot bitcoin ETFs in the United States experienced significant capital inflows, with more than half a billion dollars flowing into the funds. This massive inflow came as the price of bitcoin surpassed the $66,000 mark, sparking a lot of interest among investors.

According to data from Farside Investors, 11 different bitcoin ETFs saw net inflows of $555.9 million on October 14. This inflow represents the highest daily gain in more than four months, during a time when the bitcoin price hit a two-week high of $66,500.

Nate Geraci, president of ETF Store, called the day "monstrous," noting that net inflows into the funds are approaching a respectable $20 billion over the past 10 months. "This is NOT 'degen retail'," he added in a post on the X platform. "These are advisory and institutional investors who continue to slowly adopt cryptocurrency investments."

The Fidelity Wise Bitcoin Origin Fund (FBTC) boasts the most significant representation in this inflow, having taken in $239.3 million - the highest amount since June 4. Another fund, the Bitwise Bitcoin ETF (BITB), welcomed over $100 million, while the BlackRock iShares Bitcoin Trust (IBIT) posted $79.6 million.

The Ark 21Shares Bitcoin ETF (ARKB) had inflows of just under $70 million and the Grayscale Bitcoin Trust (GBTC) saw inflows of $37.8 million for the first time in October, the highest amount since early May.

Eric Balchunas, senior ETF analyst at Bloomberg, noted in an Oct. 14 post that Bitcoin ETFs are becoming comparable to gold-based products. Since their launch in January this year, bitcoin ETFs have reached all-time highs five times, while gold has hit record highs thirty times this year, but gold ETFs have attracted just $1.4 billion, while bitcoin ETFs have enjoyed more than $19 billion in net inflows.

Ethereum funds, on the other hand, have not followed the trend as strongly. Bitwise, VanEck, Franklin and Grayscale reported no net flows, while Fidelity and Invesco reported only minor inflows. The BlackRock iShares Ethereum Trust (ETHA), however, saw inflows of $14.3 million, bringing the total volume closed at $17 million.

This significant increase in interest in bitcoin ETFs may indicate a continuing trend in institutional investing and growing confidence in cryptocurrencies as an investment vehicle.

*This is not investment advice.

Coingarage Team