Bitcoin ETFs end three-day slide with $254M in revenue
The U.S.-based bitcoin exchange posted net inflows of $253.6 million on Oct. 11 — breaking a streak of three consecutive trading days of outflows.
The Fidelity Wise Origin Bitcoin Fund led all with $117.1 million in revenue, while the ARK 21Shares Bitcoin ETF earned $97.6 million, data from Farside Investors shows.
The Bitwise Bitcoin ETF closed in at $38.8 million — the biggest in 11 trading days — while the Invesco Galaxy and VanEick Bitcoin ETFs also got in.
BlackRock's iShares Bitcoin Trust (IBIT) recorded “0” inflows on the day, as did bitcoin ETFs Franklin Templeton, Valkyrie and Wisdomtree.
BlackRock's IBIT was the third-biggest non-contributing combined income stream of the day.
Meanwhile, the Greyscale Bitcoin Trust bled another $22.1 million.
October 11 (green) will flow to US spot Bitcoin ETFs. Source: Farside Investors
The $253.6 million in outflows covered $140 million in outflows from Bitcoin ETFs between October 8 and 10.
Bitcoin rallied 7.3% to an all-time high of $63,360 on October 11, before collapsing to its current price of $62,530, CoinGecko data shows.
BlackRock continues to lead all Bitcoin ETF issuers with $21.7 billion in total net revenue, while Fidelity is $15 million away from surpassing $10 billion.
ARK 21Shares and Bitwise are two other Bitcoin ETF issuers with $2 billion or more in net income.
Related: SEC again delays decision on Ethereum ETF options
The total net income of all Bitcoin ETFs is currently $18.9 billion, which includes more than $20 billion in expenses from the Grayscale Bitcoin Trust.
Ethereum ETF flows continue to struggle.
Seven of the nine US state Ether (ETH) ETFs registered a “0” on October 11 – marking the third time this has happened in the past five trading days.
The spot ethereum ETF had net inflows of $0.1 million on Oct. 11, combined with all of the inflows from the Fidelity Ethereum Fund, data from Farside Investors shows.
The Grayscale Ethereum Trust invested $8.7 million.
21Shares, VanEck and Invesco-issued ETH ETFs and have now seen at least eight consecutive “0” days.
The low demand – relative to Bitcoin ETFs – could be attributed to the fact that Ether ETFs are launching at the wrong time, Bitstamp US CEO Bobby Zagota recently told Cointelegraph.
“People are waiting for this moment. I think with the uncertainty in the election, the regulatory issues in the US, some of the sociopolitical issues — everything is a little flat right now, relatively speaking.
Other Wall Street investors aren't convinced they fully understand Ethereum's highly technical roadmap — making it difficult to see where Ethereum's price is headed.
Magazine: Bitcoin ETFs make Coinbase a ‘honeypot' for hackers and governments: Trezor CEO
