According to data provided by SoSoValue, spot Bitcoin (BTC) exchange-traded funds (ETFs) managed to attract a total of $1.19 billion worth of inflows on Oct. 6.
BlackRock's iShares Bitcoin Trust ETF (IBIT) accounts for virtually all of the aforementioned sum with inflows totalling $969 million.
Fidelity's FBTC comes in an extremely distant second place with $112 million worth of fresh money.
The Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Trust ETF (GBTC) are also in the green with $60.12 million and $30.55 million.
'Clear' rotation
Meanwhile, Ethereum ETFs attracted a relatively modest $176 million, with BlackRock's iShares Ethereum Trust ETF (ETHA) making up the vast majority of this sum ($92.59 million).
Over the past month, Bitcoin ETFs have greatly outperformed Ethereum counterparts in terms of inflows ($4.61 billion and $1.05 billion, respectively).
According to CryptoQuant analyst Maartunn, this signals a clear rotation back to the flagship cryptocurrency after ETH stole the spotlight in August.
$100 billion milestone
According to Bloomberg's Eric Balchunas, BlackRock's IBIT is now on the cusp of reaching $100 billion in assets under management, which would undoubtedly be a momentum milestone for the product that was launched less than two years ago. IBIT would be the fastest ETF to reach the aforementioned mark, significantly outpacing the Vanguard S&P 500 ETF (VOO). It is also BlackRock's most profitable ETF as of today, according to Balchunas.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team