Financial reports from Fidelity, BlackRock, Bitwise, ARK Invest, and similar institutions

Bitcoin ETFs Draw $555.9 Million Inflows, Purchasing 8,359 BTC as Fidelity Leads with $239 Million Buy

Oct 15, 2024, 12:36 AM

Digital asset investment products experienced significant inflows over the past week, driven by political shifts ahead of the US elections, according to CoinShares. Total net inflows reached $407 million, marking a sharp rebound from the previous week's $147 million outflow. Bitcoin led the inflows with $419 million, while Ethereum faced $9.8 million in outflows. Short-Bitcoin products saw outflows of $6.3 million, indicating bearish sentiment is waning. US-based funds accounted for the majority of the inflows, reflecting growing optimism among investors as Republicans gain momentum in election polls. On October 14, Bitcoin ETFs saw net inflows of approximately $555.9 million, making it the tenth-largest net inflow day on record for Bitcoin ETFs. US ETFs purchased a total of 8,359 Bitcoins, while only 450 Bitcoins were mined that day, highlighting strong institutional demand. Major institutional players like Fidelity, BlackRock, Bitwise, and ARK Invest significantly increased their Bitcoin holdings through their spot Bitcoin ETFs. Fidelity led the purchases with 3,630 BTC, equating to $239 million, followed by Bitwise acquiring 1,520 BTC, BlackRock adding 1,207 BTC, and ARK purchasing 1,059 BTC. The total 24-hour trading volume for Bitcoin ETFs neared $2.3 billion. Spot Bitcoin ETFs now hold approximately 4.5% of the total Bitcoin supply, reflecting the growing institutional adoption of cryptocurrency investment products.