In a remarkable display of renewed institutional interest, U.S. spot Bitcoin exchange-traded funds (ETFs) have seen a significant surge in inflows, totaling $197.8 million on October 9. This comes as Bitcoin approaches record highs, confirming its growing appeal among investors. The latest figures, reported by SoSoValue, reveal that cumulative totals for U.S. Bitcoin spot ETFs have now reached $62.77 billion, with net assets climbing to $164.79 billion. Trading volume has also seen impressive activity, hitting $5.32 billion on a daily basis. Currently, Bitcoin ETFs account for approximately 6.8% of Bitcoin’s total market capitalization, underscoring their increasing presence in institutional portfolios.
Leading the charge is BlackRock’s iShares Bitcoin Trust (IBIT), which attracted $255.47 million in inflows, propelling its total assets beyond $97 billion. Meanwhile, competitors like Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced outflows of $13.19 million, and Grayscale’s GBTC faced withdrawals totaling $45.55 million. The uptick in Bitcoin ETF inflows marks a continuation of a robust trend, especially following October 6, when the sector recorded its highest daily influx since July, largely driven by BlackRock, which accounted for over 80% of that day’s total.
As Bitcoin trades around $121,000 after peaking at $126,080 earlier this month, the cryptocurrency has appreciated over 10% in October. This momentum appears to be fueled by a combination of favorable regulatory expectations and a strong earnings season for various firms, attracting institutional investment like never before. The current inflows signify Bitcoin’s best performance since the summer, revealing a vibrant market landscape.
While Bitcoin enjoys considerable support, Ethereum ETFs observed a contrasting trend. October 9 marked the end of an eight-day inflow streak for Ethereum, with the sector recording outflows of $8.7 million. This downturn follows a week of consistent growth, during which Ethereum ETFs had garnered more than $1.8 billion. Currently, total assets for Ethereum spot ETFs sit at approximately $29.9 billion, supported by a trading volume of $2.34 billion.
BlackRock’s ETHA fund continued to lead among Ethereum products, posting inflows of $39.29 million, while Fidelity’s FETH faced the largest outflow at $30.26 million. Other issuers, including Bitwise and VanEck, also reported minor withdrawals. As of the latest update, Ethereum trades at $4,352, reflecting a 2.3% decrease on the day and a 3.2% decline over the past week. Despite recent challenges, the asset remains around 12% below its August peak.
In addition to the allure of ETFs, trading volumes for Ethereum remain robust, with spot trading reaching $40.4 billion—a 9% increase from the previous day—and futures activity rising by 21.5%, amounting to $93.6 billion. This suggests ongoing engagement from traders, even as ETF inflows waver.
Throughout the year, both Bitcoin and Ethereum have demonstrated strong institutional momentum. Bitcoin continues to show further potential for growth, trading around $121,000 while remaining “ice cold” according to the Mayer Multiple—a valuation gauge that compares current price to Bitcoin’s 200-week moving average. With a current reading of 1.16, analysts remain optimistic, suggesting that Bitcoin could climb toward $180,000 before hitting historically overbought conditions.
BlackRock’s iShares Bitcoin Trust (IBIT) has become the firm’s most successful ETF, generating approximately $245 million in fees over the past year. Since its inception 22 months ago, it has accrued nearly $98 billion in assets, positioning itself to become the fastest-growing ETF in history and potentially surpass Vanguard’s S&P 500 index fund to be the first to reach the $100 billion milestone.
Moreover, institutional interest has also expanded to Ethereum, with treasury holdings and spot ETFs collectively holding over 12.4 million ETH—about 10% of the total supply. This growing allocation highlights Ethereum’s rising status as a mainstream asset, reinforcing its standing alongside Bitcoin in institutional portfolios.
