Spot Bitcoin ETFs in the U.S. Approach 1 Million BTC, While Interest in Ethereum ETFs Remains Limited

Last updated: October 25, 2024 11:23 am

Published October 25, 2024

Demand for spot Bitcoin and Ethereum ETFs in the U.S. continues to grow, with strong net inflows bolstering both. As of October 24, 2024, total net inflows into U.S. spot Bitcoin ETFs reached $187.5 million, whereas spot Ethereum ETFs saw only $2.3 million in net inflows.

Contents

Strong Growth in Bitcoin ETFs
Limited Interest in Ethereum ETFs

Strong Growth in Bitcoin ETFs

Eleven spot Bitcoin ETFs in the U.S. recorded positive net inflows for the second consecutive day on October 24. BlackRock’s iShares Bitcoin Trust (IBIT) ETF maintained its lead as the top-performing fund, attracting the highest inflows for eight consecutive days. IBIT recently added 2,436 BTC (around $165 million), pushing its holdings to 399,355 BTC (valued at $27.16 billion), representing over 2% of Bitcoin’s total supply. Among the remaining 10 ETFs, eight saw no net inflows, while U.S. spot Bitcoin ETFs collectively achieved a cumulative net inflow of $21.57 billion after 199 trading days.

Limited Interest in Ethereum ETFs

Despite ongoing positive inflows, interest in spot Ethereum ETFs has shown limited growth over the past two days. Only BlackRock’s iShares Ethereum Trust (ETHA) ETF reported a net inflow yesterday, while no net inflows were recorded for the other eight Ethereum ETFs. Overall, U.S. spot Ethereum ETFs have a cumulative net inflow of negative $478 million after 67 trading days.

Over the past 10 months, U.S. spot Bitcoin ETFs have rapidly expanded their holdings, now nearing the milestone of 1 million BTC, currently holding around 967,459 BTC. Should demand persist, these ETFs may soon surpass the 1.1 million BTC believed to be held by Satoshi Nakamoto. BlackRock’s IBIT ETF, now holding 396,922 BTC, is a major player, alongside Binance, which holds 636,000 BTC on behalf of its clients.

The increasing institutional interest in crypto assets in the U.S. could potentially reshape market dynamics, attracting attention from both investors and analysts.

spot Bitcoin ETFs, Ethereum ETFs, BlackRock, institutional interest

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ByEmiliano Trejo

Emiliano Trejo has spent the last 9 years immersed in the world of blockchain and cryptocurrencies, becoming a prominent figure in the industry. With a background in economics and a keen interest in decentralized systems, Emiliano has contributed to several groundbreaking projects, including the development of blockchain-based financial products and services. His expertise lies in the intersection of blockchain technology and economic models, where he excels in creating innovative solutions that leverage the benefits of decentralization. At DT NEWS, Emiliano shares his deep knowledge of the global cryptocurrency market, offering insights that help readers understand both the technical and economic implications of blockchain innovations.