Bitcoin ETFs rebounded on October 11 with a staggering $253.6 million inflow, led by major funds from Fidelity and ARK 21Shares. Meanwhile, Ethereum ETFs showed almost no activity, highlighting a stark contrast in investor interest.
Bitcoin ETFs Recover with Massive Inflows
Spot Bitcoin exchange-traded funds in the US had net inflows of $253.6 million on October 11, after a string of three trading days in which they had seen withdrawals.
According to data provided by Farside Investors, the ARK 21Shares Bitcoin ETF received $97.6 million, while the Fidelity Wise Origin Bitcoin Fund received $117.1 million, making it the top-performing fund overall.
ARK and Fidelity Dominate the Inflow Surge
In addition to the Bitwise Bitcoin ETF, which witnessed its biggest inflow in eleven trading days at $38.8 million, the Invesco Galaxy and the VanEck Bitcoin ETFs also received inflows.
On the same day, the Bitcoin ETFs offered by Franklin Templeton, WisdomTree, and Valkyrie all showed a “0” flow, including BlackRock’s iShares Bitcoin Trust (IBIT).
This was the third-biggest day of combined inflows while BlackRock’s IBIT was ineffective.
Greyscale Trust Faces Loss Despite Bitcoin’s Rise
At the same time, $22.1 million was lost by the Greyscale Bitcoin Trust.
Even though $140 million exited Bitcoin ETFs on October 8 and 10, the $253.6 million influx more than made up for it.
Based on statistics from CoinGecko, it followed a 7.3% increase in Bitcoin to a local high of $63,360 on October 11th, before settling down to $62,530 at the present price.
BlackRock Remains the Leader in Bitcoin ETF Issuance
With $21.7 billion in net inflows, BlackRock is still the leader among spot Bitcoin ETF issuers, while Fidelity is just $15 million short of the $10 billion mark.
The only other two issuers of spot Bitcoin ETFs that have net inflows of $2 billion or higher are Bitwise and ARK 21Shares.
Despite the $20 billion that has flowed out of the Greyscale Bitcoin Trust, the net inflows into all spot Bitcoin ETFs have reached $18.9 billion.
Ethereum ETFs Struggle Amid Investor Uncertainty
On October 11, seven out of nine US-based spot Ether ETFs reported a “0”—the third occurrence in the past five trading days.
According to statistics provided by Farside Investors, on October 11, there was a net outflow of $0.1 million from the spot Ethereum ETFs, with all of the inflows emanating from the Fidelity Ethereum Fund.
A total of $8.7 million was lost by the Greyscale Ethereum Trust.
Lack of Demand Poses Challenges for Ether ETFs
Ethereum exchange-traded funds (ETFs) offered by 21Shares, VanEck, and Invesco have experienced a minimum of eight days with a zero value.
Bitstamp CEO for the Americas Bobby Zagotta recently told Cointelegraph that the spot Ether ETFs may have launched at the wrong time, which could explain the poor demand compared to spot Bitcoin ETFs.
Some people think that Wall Street investors don’t fully grasp Ethereum’s extremely technical roadmap, which makes it hard for them to evaluate the value of Ethereum.