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On Oct. 31, BlackRock’s spot Bitcoin ETF, IBIT, recorded a notable $318.8 million in net inflows despite a 4% dip in Bitcoin’s price, which dropped to around $68,800.
According to data from Farside Investors, the latest capital influx followed IBIT’s record-breaking performance just a day earlier on Oct. 30, when the fund attracted $872 million, eclipsing its previous peak of $849 million set in March. The fund’s weekly inflows have now surpassed $2.1 billion.
Despite the significant net inflows into BlackRock’s IBIT, the 12 spot Bitcoin ETFs collectively recorded only $32.3 million in net inflows on Oct. 31—a marked decrease from the $893.3 million seen the previous day, which was the second-largest single-day inflow since the ETFs’ launch.
Amid this broad pullback in Bitcoin ETFs, Valkyrie’s BRRR was the only other fund to see positive flows on Thursday, gaining $1.9 million. The broader market, however, was marked by significant outflows from other prominent funds.
Fidelity’s FBTC ended a two-week streak of positive inflows, losing over $75.2 million. Similarly, ARK 21Shares’ ARKB, Bitwise’s BITB, VanEck’s HODL, and Grayscale’s GBTC collectively experienced outflows amounting to $213.2 million.
BlackRock’s IBIT rises above traditional ETFs
The standout performance of BlackRock‘s IBIT places it as a significant contender not only within the crypto space but also in the wider ETF industry.
According to Bloomberg analyst Eric Balchunas, IBIT outperformed major ETFs like VOO, IVV, and AGG in the past week, attracting more investor capital than any other ETF. Launched less than ten months ago, IBIT has swiftly accumulated almost $30 billion in assets, with roughly half of this amount gained in the last month alone.
$IBIT took in more cash than any other ETF in the world over the past week. This is out of 13,227 ETFs, which includes $VOO $IVV $AGG etc. It's so hard to beat those veteran Cash Vacuum Cleaners, even for a week, especially for an infant ETF (3mo-1yr old) pic.twitter.com/S443lUXVQk
— Eric Balchunas (@EricBalchunas) October 31, 2024Collectively, U.S.-based spot Bitcoin ETFs now hold over 1 million Bitcoin, edging closer to the estimated 1.1 million BTC believed to be held in the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The inflows into IBIT and BRRR came amidst a broader decline in Bitcoin’s (BTC) market performance, as the digital asset’s price fell 4.6% on Oct. 31, from an intraday high of $72,859 to $69,505 when writing. The price drop correlated with widespread liquidations in the crypto market, amounting to $246.38 million in long positions, with Bitcoin accounting for $78.45 million of the liquidations.
Spot Ether ETFs log $13m in inflows
While Bitcoin ETFs exhibited mixed results, Ethereum ETFs recorded modest yet positive inflows on Oct. 31. The nine spot Ethereum ETFs collectively reported $13 million in net inflows, driven entirely by BlackRock’s ETHA, which saw $49.6 million in new investments.
Grayscale’s ETHE, by contrast, posted outflows of $36.6 million, while the remaining Ethereum ETFs remained neutral on the day.
At the time of publication, Ethereum’s (ETH) price mirrored Bitcoin’s downward trend, declining by 5.3% to $2,507.
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