Bitcoin ETFs draw $528 million as ether funds snap five-day outflow streak

U.S. spot bitcoin Bitcoin (BTC) exchange-traded funds saw inflows totaling $528.4 million on Wednesday, with funds managed by BlackRock and Fidelity accounting for the lion's share of the total, according to data compiled by The Block.

BlackRock's IBIT led the day with $235 million in net inflows, followed by the Fidelity's FBTC at $212.7 million. Grayscale's and Bitwise's funds attracted a combined $51.2 million, while funds managed by VanEck, Morgan Stanley, Invesco, and WisdomTree reported no flows.  

Since their inception in January 2024, the funds have seen around $58 billion in cumulative net inflows, with net assets totaling $109.3 billion, per SoSoValue. 

Notably, the spot bitcoin ETFs have attracted over $1 billion in three sessions this week despite the asset remaining in a prolonged period of subdued trading. K33 reported Tuesday that bitcoin's 28-day realized volatility had fallen to 1.2%, near its lowest level this year, as traders awaited the Federal Reserve's Oct. 28 rate decision and the Nov. 3 U.S. midterm elections.

Separately, Glassnode said bitcoin's Oct. 15 drop to about $80,000 drew buyers near the cost bases of spot ETF holdings and corporate treasuries. The research firm placed the next significant concentration of sell orders and liquidation levels between $85,000 and $87,500.

Bitcoin traded above $81,900 early Thursday, down 1.5% over 24 hours, according to The Block's BTC price page.  

Meanwhile, Ethereum Ethereum (ETH) ETFs also returned to positive territory, taking in $14.9 million in combined net inflows after five consecutive sessions of net outflows. Grayscale's fund led with $28.1 million, followed by Fidelity's FETH at $13 million.