Bitcoin and Ethereum ETFs are in the green, or at least completely neutral.
(Photo by Andrew Burton/Getty Images)
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Key Takeaways
Bitcoin ETFs now command $58.81 billion in net assets or 4.27% of BTC’s market cap.
BlackRock’s combined BTC and ETH inflows total $22.85 billion, and Grayscale’s combined outflows exceed $23 billion.
Ethereum ETFs now hold $6.7 billion in net assets or 2.28% of ETH’s market cap.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) are showing signs of strength as funds run green or completely neutral.
Bitcoin ETFs
As per SoSoValue data, Bitcoin ETFs have opened the week with optimism after $235.19 million poured into the funds on Oct. 7, 2024, and not a single fund was in the red.
Bitcoin ETF flows. Source: SoSoValue
As for the top gainers, Fidelity’s Wise Origin Bitcoin Fund (FBTC) took home the lion’s share of the gains, bagging $103.68 million, raising its cumulative net inflow to $9.95 billion.
BlackRock’s iShares Bitcoin Trust (IBIT) trailed closely behind with a solid $97.88 million in net inflows, bringing its cumulative net inflow to a gigantic $21.66 billion.
Bitwise’s Bitcoin ETF (BITB) saw a modest inflow of $13.09 million, as did the ARK 21Shares Bitcoin ETF (ARKB) with $12.53 million. The VanEck Bitcoin ETF (HODL) saw $5.37 million in inflows.
Finally, in a rare showing, the Invesco Galaxy Bitcoin ETF (BTCO) captured a humble $2.53 million in net inflows.
Ethereum ETFs
As per SoSoValue, Ethereum ETFs ran completely neutral on Oct. 7, 2024, marking their second-ever day of neutrality.
With $118.43 million in total value traded, it was one of the ETH ETF market’s slower days.
Ethereum ETF flows. Source: SoSoValue
There has been some concern that their tepid performance signals that ETH ETFs are simply unattractive to investors or that they may have been launched prematurely.
Considering the multitude of crypto, financial, and geopolitical events that have rocked markets over and over again in 2024, ETH ETFs are performing just fine.
Furthermore, comparing the success of ETH ETFs with BTC ETFs is moot as they launch under completely different market conditions and are distinctly different cryptocurrencies.
ETH a “Risk-on” Asset
During a digital assets conference in Brazil, BlackRock’s Head of Digital Assets, Robbie Mitchnick, presented a dual pitch deck that positioned BTC as a “risk-off” asset comparable to gold, and ETH as a “risk-on” asset, which is more comparable to U.S. stocks.
He explains that BTC is a “commodity like gold and an alternative to stocks and bonds, ” adding that Ethereum is more a “long-term technology bet.”
In this sense, he’s referring to the Ethereum network’s blockchain and its potential to create more use cases and “more value to the economy.”
Some observers reiterated Mitchnick’s approach, highlighting that BTC is a less inflationary asset than fiat currencies, which drop in value every year.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
