23h20 ▪ 4 min read ▪ by Evans S.
Summarize this article with:
US spot Bitcoin ETFs have just attracted nearly 550 million dollars in two sessions. After 526.6 million dollars on Monday, the funds added 23.16 million on Tuesday. The turnaround is quick: they had lost about 228.6 million the previous week. Meanwhile, Ether ETFs remain in the red with 129.41 million dollars of outflows since Monday.
In brief
- Bitcoin ETFs attracted 549.76 million dollars in two days.
- BlackRock’s IBIT captured another 29.86 million on Tuesday.
- Ether ETFs lost 129.41 million in the same two sessions.
Bitcoin recovers $550M in two sessions
Monday did almost all the work. US Bitcoin ETFs attracted 526.6 million dollars on October 19. Alone, BlackRock’s IBIT had received 665.16 million dollars, offsetting withdrawals recorded at Fidelity and Grayscale.
Tuesday, the movement slowed significantly. Net inflows no longer exceed 23.16 million dollars. The balance remains positive for a second consecutive session. In total: 549.76 million dollars in two days. IBIT attracted another 29.86 million on Tuesday. Fidelity’s FBTC adds 3.58 million, while Bitwise’s BITB loses 10.29 million.
Other products remain balanced. The value of transactions on Bitcoin ETFs reached 1.92 billion dollars on Tuesday. Their net assets now amount to 106.28 billion dollars, or approximately 6.38% of BTC’s market capitalization. The rebound comes after several difficult sessions.
Two weeks of outflows almost erased
Last week, Bitcoin ETFs recorded about 228.6 million dollars of net withdrawals. One week earlier, the toll was even heavier. Overall, Bitcoin ETFs lost about 910 million dollars in two weeks, after a sudden reversal of institutional flows at the beginning of the month.
The 549.76 million recovered Monday and Tuesday therefore erase more than double the withdrawals of the previous week. However, the change remains very concentrated. On Monday, IBIT received 665.16 million dollars while Fidelity lost 83.6 million and Grayscale 54.9 million. On Tuesday, BlackRock remains the main engine with its 29.86 million.
Two positive sessions are therefore not yet enough to establish a new lasting trend. Bitcoin ETFs have already shown this year that capital can enter and exit very quickly. In early October, Bitcoin and Ether lost nearly a billion dollars via their ETFs in just two days. This time, Bitcoin recovers part of the lost ground. Ether much less.
Ether ETFs remain in the red
Ethereum funds follow the opposite trajectory. On Tuesday, Ether ETFs recorded 26.13 million dollars of net outflows, their fifth consecutive session in the red. BlackRock represents most of the withdrawals with 33.02 million dollars taken out of ETHA. Fidelity nevertheless attracts 3.63 million dollars on FETH. The Grayscale Ethereum Mini Trust also adds 3.25 million.
It is not enough. Monday had already cost 103.28 million dollars to Ether funds. The cumulative balance of the first two sessions of the week thus reaches 129.41 million dollars of outflows.
Net assets of Ether ETFs stand at 14.98 billion dollars, compared to over 106 billion for those dedicated to Bitcoin. The contrast is therefore quite clear: at the same time, 550 million dollars return to Bitcoin while more than 129 million leave Ether. There are still three sessions in the week. For now, investors returning to crypto ETFs clearly favor Bitcoin.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.