Key highlight :
1. Bitcoin ETFs saw $198 million in net inflows on October 9, marking nine consecutive days of positive flows.
2. BlackRock’s IBIT now holds over 802,000 BTC worth $97.3 billion, or about 3.8% of Bitcoin’s total supply.
3. Following the SEC’s new framework, more than 30 new crypto ETF applications were filed, signaling growing institutional interest.
On October 9, U.S. spot Bitcoin ETFs recorded $198 million in net inflows, extending their streak to nine consecutive days. In contrast, U.S. spot Ethereum ETFs , after eight straight days of gains, saw $8.54 million in net outflows on the same day. This suggests that investors are rotating capital back toward Bitcoin-led exposure.
Bitcoin ETFs Records Net Inflows; Meanwhile Ethereum ETFs see Outflows
Speaking of institutional rivalry among ETFs, BlackRock’s iShares Bitcoin Trust (IBIT), which recently surpassed 800,000 BTC in holdings, saw $255.47 million in Bitcoin spot ETF inflows. BlackRock thus stands as the largest institutional Bitcoin vehicle globally, which shows a continued surge in investor interest in digital assets. Apart from BlackRock, Bitwise (BITB) also saw a notable inflow of $6.58 million, while Fidelity, Grayscale, and Ark 21Shares reported outflows.
As of October 9, IBIT holds around 802,257 BTC, which is valued at roughly $97.32 billion , which is equivalent to approx 3.8% of Bitcoin’s circulating supply. The milestone, achieved in less than two years since IBIT’s debut in January 2024, symbolizes BlackRock’s rapid growth in the digital asset landscape.
The cumulative total inflow for US spot Ethereum ETFs now stands at $15.08 billion. BlackRock’s ETHA product saw a modest inflow of $39.29 million, while others , for e.g., Fidelity, Bitwise, and VanEck, experienced outflows.
Overall, the record volumes in Bitcoin ETFs signal a healthy trend for the broader market.
Bloomberg Senior ETF Analyst Eric Balchunas commented on the unprecedented pace of inflows, writing on X (formerly Twitter), “IBIT is #1 in weekly flows among all ETFs, with $3.5 billion—accounting for 10% of all net flows into ETFs.” He added that all 11 U.S. spot Bitcoin ETFs posted positive inflows last week, including Grayscale’s GBTC, which has historically faced persistent outflows. “That’s how hungry the fish are. Two steps forward mode. Enjoy while it lasts,” Balchunas remarked.
Since their launch on January 11, 2024, spot Bitcoin ETFs have attracted $62.77 billion in net inflows, outpacing even the early growth trajectory of the SPDR Gold Shares (GLD) ETF. The global cryptocurrency market recorded $4.24 trillion in trading volume over the past 24 hours, a 0.7% decline from the previous day. As ETFs continue to channel institutional capital into Bitcoin, market liquidity is becoming more robust, improving efficiency not only for Bitcoin but for other cryptocurrencies as well.
According to available data, ETF inflows so far this year have already exceeded the cumulative results of 2024. Capital added since January has reached approximately $25.94 billion, compared to $17.8 billion during the same period last year. The $8 billion increase represents the consistent momentum among asset managers and funds allocating to Bitcoin.
CryptoQuant data estimates that the average purchase price of these ETF-held Bitcoin positions is around $86,400 per BTC, which is about 40% higher than the current spot price. This estimation points out that long-term holders remain undeterred by short-term volatility and continue to believe in Bitcoin’s intrinsic value.
Furthermore, the ongoing ETF boom may just be getting started. The SEC’s recent decision to approve generic listing standards for spot crypto ETFs removes the need for lengthy case-by-case approvals. Following this decision on September 17, more than 30 new crypto ETF applications were filed with the Securities and Exchange Commission within a single day. The crypto industry now anticipates a flood of new ETF launches in October, with the SEC expected to make final decisions on 16 pending crypto ETF applications next month.
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