Spot Bitcoin Exchange-Traded Funds (ETFs) in the U.S. recorded significant inflows of $479.35 million on Oct. 28, marking their fourth consecutive day of net inflows. Meanwhile, spot Ether ETFs experienced a slowdown in outflows.

Bitcoin ETFs Showcase Strong Performance

According to data from SoSoValue, BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, contributed the majority of these inflows, with $315.2 million entering the fund. This extended its inflow streak to 10 days, bringing its cumulative net inflows to an impressive $24.3 billion since its inception.

Other Bitcoin ETFs also saw notable inflows:

  • ARK 21Shares’ ARKB: $59.78 million
  • Fidelity’s FBTC: $44.12 million
  • Bitwise’s BITB: $38.67 million
  • Grayscale Bitcoin Mini Trust: $21.59 million

None of the Bitcoin ETFs, including Grayscale’s flagship GBTC, reported outflows on Oct. 28. However, GBTC has a cumulative net outflow of $20.11 billion since its launch.

Nearing the 1 Million BTC Milestone

With these substantial inflows, the total Bitcoin held by U.S. spot Bitcoin ETF issuers has surged to 976,893 BTC, valued at over $69.3 billion. This represents nearly 5% of Bitcoin’s $1.34 trillion market capitalization.

The current momentum suggests that cumulative holdings could reach 1 million BTC by this week. At present prices, an additional $1.64 billion in net inflows is required to bridge the 23,107 BTC gap needed to achieve this historic milestone. To reach this target by the week’s end, ETFs would need to sustain an average daily inflow of $328 million.

The surge in demand for these investment products has pushed inflows to over $3.5 billion in October, coinciding with a 5% price jump that saw Bitcoin hit a four-month high of $71,500 before consolidating to $70,980. Investor sentiment was buoyed by the potential outcomes of next week’s U.S. election, the Federal Reserve’s potential interest rate adjustments, and Russia’s expected lift of its ban on Bitcoin mining in November.

Ether ETFs Experience Slowed Outflows

Meanwhile, spot Ether ETFs in the U.S. saw a deceleration in outflows on Oct. 28, with only $1.14 million exiting the funds compared to $19.16 million the previous day.

Grayscale’s ETHE recorded the bulk of the outflows, with $8.44 million withdrawn. However, this was partially offset by inflows into:

  • Fidelity’s FETH: $5.02 million
  • BlackRock’s ETHA: $2.28 million

The remaining spot Ether ETFs reported no net flows on the day. This modest decrease in Ether ETF outflows aligns with a broader market upswing, with Ethereum rising 3.6% to $2,611.

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