Inflows into the Bitcoin ETF market they reached $294 million on October 21extending the growth streak to seven days. In this regard, BlackRock‘s IBIT recorded a impressive flow of 329 million dollarswhile Ethereum ETFs had a net outflow of $20.8 million, reflecting mixed sentiment between the two major cryptocurrencies, according to Sosovalue.
Bitcoin ETFs Rise with $294 Million Inflows as Ethereum Struggles
Bitcoin ETFs continued their success on October 21st, con inflows of $294 million in seven days. BlackRock’s notable IBIT attracted $329 million, leading the market.
On the other hand, the Ethereum ETFs recorded outflows amounting to $20.8 millionas attention has shifted towards Bitcoin in the investment game within the cryptocurrency space.
BlackRock’s IBIT continues to lead
The iShares Bitcoin Trust ETF (IBIT) ha recorded more than $1.1 billion in new cash inflows last weekmarking its strongest performance since March 2024. Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence, he shared the data, highlighting IBIT’s rapid rise in the ETF landscape.
$ GO had one hell of a week, +$1.1b in new cash, best week since March, passed $VTI for 3rd place overall in YTD flows (insane for new launch, esp late in year, the rest of the top 5 is each over 20yrs and old and over $300b. $ GO‘s aum is $26b which is in top 2% of all ETFs. pic.twitter.com/KX7eD3EzFP
— Eric Balchunas (@EricBalchunas) October 21, 2024
IBIT outperformed the Total Stock Market ETF (VTI) by Vanguard, securing third place in annual flows. This achievement is notable, given that IBIT only launched in January 2024, while other flagship ETFs have been established for over two decades and they manage assets exceeding $300 billion.
The fund’s total assets under management now stand at $22.8 billion, placing it in the top 2% of all ETFs by size. This growth reflects a strong investor appetite for exposure to Bitcoin via traditional investment vehicles.
As one of the first Bitcoin ETFs approved in the United States, IBIT offers a familiar structure for investors looking to enter the cryptocurrency market.
Several factors contribute to IBIT’s success: BlackRock’s reputation as the world’s largest asset manager, the growing mainstream acceptance of Bitcoin, and the practicality of the ETF format. Substantial inflows suggest that Cryptocurrency-based ETFs are gaining significant traction in the broader investment community.
Source: Coincident e Cryptoslate
