Spot Bitcoin ETFs Record Four Days of Inflows

Cumulative net inflows into spot Bitcoin ETFs have surpassed $20 billion since their launch earlier this year. It took gold ETFs 5 years to reach this figure. That makes the Bitcoin ETFs the most successful debut of any ETF in history.

Eric Balchunas, Senior ETF Analyst for Bloomberg wrote on X that “Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for the first time after huge week of $1.5b. For context, it took gold ETFs about 5 years to reach the same number. Total assets now $65b, also a high water mark.”

Source: X

Data from Farside Investors shows that U.S.-based spot Bitcoin exchange-traded funds (ETFs) have now attracted $20.26 billion in cumulative inflows since their introduction on January 11.

Source: X

In just the past four days, around $1.64 billion has poured into 11 different ETF products from firms such as ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.

On October 16, BlackRock, the world’s largest asset manager, experienced $393.4 million in daily inflows—its highest since July 22, when it recorded $526.7 million.

Source: X

Analysts at Standard Chartered predict that Bitcoin could approach its previous high of around $73,800 ahead of the US presidential election. They suggest that improving odds for Donald Trump’s re-election could create a favorable environment for Bitcoin, as his potential presidency has been viewed positively by many in the cryptocurrency community.

The recent success of US Bitcoin ETFs indicates growing mainstream acceptance of cryptocurrency as an investment asset. With major financial institutions like BlackRock and Fidelity leading the charge, the cryptocurrency market appears poised for further growth.

After the successful launch of the first Bitcoin and Ethereum exchange-traded funds (ETFs) in the U.S., investors are now eagerly awaiting the next wave of digital asset trading products.

When asked about the likelihood of an XRP ETF, Tim McCourt, senior managing director at CME Group, noted that the groundwork had already been laid.

Speaking at Ripple Swell 2024, McCourt stated: 

“We have an XRP reference rate and a real-time index, which is the initial step in expanding this ecosystem. With over 50 real-time prices and reference rates, it creates a critical foundation for providers like Bitwise to rely on fully regulated benchmarks.”

McCourt’s remarks followed news that the SEC had received its second application for an XRP ETF, this time from Canary Capital, as reported by Bloomberg ETF analyst Eric Balchunas.

Source: X

Despite growing enthusiasm for a potential XRP ETF, the token’s price has struggled to keep pace with the broader crypto market rally. Bitcoin is up 58% year to date, while XRP is down 11%.

Source: Brave New Coin