The post U.S. Spot Bitcoin ETFs See $867M Net Inflows on October 29 appeared on BitcoinEthereumNews.com.

U.S. spot Bitcoin Exchange-Traded Funds (ETFs) experienced a robust influx of $867 million in net inflows on October 29, according to data from Trader T on X and Farside Investors. This marks the fifth consecutive day of net inflows and represents the third-largest daily inflow since the launch of these financial instruments. Leading the surge is BlackRock’s IBIT, which attracted $640.81 million, followed by Fidelity’s FBTC with $133.86 million, Bitwise’s BITB at $52.49 million, ARK’s ARKB with $12.39 million, and VanEck’s HODL garnering $17.52 million. Conversely, Grayscale’s GBTC reported a net outflow of $17.3 million, while other ETFs maintained a neutral position with no significant net inflows or outflows on the day.   Introduction to Spot Bitcoin ETFs What are Spot Bitcoin ETFs? Spot Bitcoin ETFs are investment funds that track the price of Bitcoin, allowing investors to gain exposure to the cryptocurrency without directly holding the digital asset. Unlike futures-based ETFs, which are based on Bitcoin futures contracts, spot ETFs are backed by actual Bitcoin holdings, providing a more direct and potentially less volatile investment vehicle. Significance of Net Inflows Net inflows indicate the amount of money invested into the ETFs minus the amount withdrawn. Consistent net inflows suggest growing investor confidence and increasing demand for Bitcoin exposure through regulated financial products. The sustained inflows over five days highlight a positive trend and growing institutional interest in Bitcoin as a mainstream investment asset.   Breakdown of ETF Inflows Leading ETFs Driving the Surge BlackRock’s IBIT: Leading the pack with $640.81 million in net inflows, BlackRock’s IBIT has emerged as the most sought-after spot Bitcoin ETF. BlackRock’s reputation as a global asset manager lends significant credibility and attracts substantial investment. Fidelity’s FBTC: Fidelity’s FBTC attracted $133.86 million, reinforcing Fidelity’s strong presence in the cryptocurrency investment space. Known for its robust…

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Filed under: News - @ October 30, 2024 6:19 am