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    US spot Bitcoin ETFs see $556M inflows in biggest day since June

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    US Bitcoin exchange-traded funds (ETFs) experienced their best day in over four months shifting more than $500 million on 14 October. Bitcoin’s value reached a two-week high of $66,500 on the same day. The ETF Store President, Nate Geraci, suggested Bitcoin ETFs are nearing $20 billion in inflows over the past ten months. The Facebook Wise Bitcoin Origin Fund was the best performing with inflows of $239.3 million.

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    Bitcoin exchange-traded funds (ETFs) in the U.S. just had their most successful day in over four months, with more than $500 million flowing in. On October 14, 11 different Bitcoin ETFs managed to rake in a joint total of $555.9 million, which is the highest daily net gain since the start of summer.

    This comes as Bitcoin’s value touched a two week high of $66,500 in late trading on the same day. ETF Store President, Nate Geraci, reckons that these Bitcoin ETFs are now fast approaching $20 billion in net inflows for the past ten months.

    He tagged it as a “monster day” and went on to say that the inflow is far more than the predicted pre-launch demand. He also dismissed the idea that it’s only retail investors pouring in the money, noting that investment advisors and institutional investors are also contributing.

    The Facebook Wise Bitcoin Origin Fund was the top performing with an inflow of $239.3 million. Also, the Bitwise Bitcoin ETF had just over $100 million, while the BlackRock’s iShares Bitcoin Trust saw inflows of $79.6 million.

    The Ark 21Shares Bitcoin ETF had just under $70 million and the Grayscale Bitcoin Trust clocked its first inflow for October with $37.8 million.

    Senior ETF analyst at Bloomberg, Eric Balchunas, did a bit of comparing and found that since Bitcoin ETFs were launched in January, the asset has hit an all-time high five times. Meanwhile, even though gold has hit record highs 30 times this year, gold ETFs have only managed to scrape together $1.4 billion in net inflows, which is dwarfed by the more than $19 billion for Bitcoin ETFs.

    On the other side of the coin, Ethereum funds weren’t riding as high, with zero net flows for Bitwise, VanEck, Franklin, and Grayscale. At the end of the day, the BlackRock iShares Ethereum Trust managed a modest inflow of $14.3 million.

    Source: Cointelegraph

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