Bitcoin and Ethereum ETFs See Significant Inflows
On October 28, the excitement among investors in the cryptocurrency market was reignited as spot ETFs for Bitcoin, Ethereum, and Solana showed significant inflows. Spot Bitcoin ETFs attracted a net inflow of $202 million, while Ethereum ETFs saw an inflow of $169.65 million. The Bitwise Solana Staking ETF (BSOL), introduced on the same day, stood out with a net first-day inflow of $69.45 million. Analysts in the sector observed that the movements in these three major cryptocurrencies indicated a continued appetite from institutional investors.
As the cryptocurrency market searches for stability, spot Bitcoin ETFs recorded four consecutive days of net inflows. Data from SoSoValue on October 28 revealed a total inflow of $202 million into these ETFs during the last trading day. Ethereum-focused ETFs also experienced a net capital influx of $169.65 million on the same day. Within this segment, Fidelity’s FETH product led the way, securing a net inflow of $99.27 million.
Experts interpreted the growing interest in Bitcoin and Ethereum ETFs as investors taking advantage of short-term market fluctuations. The looming Fed interest rate cut cycle and increasing uncertainties in traditional markets are highlighted as driving factors behind the shift towards cryptocurrencies.
Solana’s First Spot ETF Makes a Strong Start
A groundbreaking event occurred on the same day in the U.S. markets with the launch of the Solana Staking ETF (BSOL) by Bitwise. On its first trading day, the ETF attracted a net inflow of $69.45 million, reaching a net asset value of $289 million. Consequently, BSOL came to represent 0.27% of Solana’s total market capitalization. Bitwise executives emphasized that the staking yields supporting the ETF provide additional value for investors.
In contrast, the newly listed Canary HBAR ETF and Canary Litecoin ETF saw no significant activity on their first trading day. This discrepancy underscores that investor interest is primarily concentrated on projects with high liquidity.