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.
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
