US spot Bitcoin exchange-traded funds (ETFs) surpassed $100 billion in total net assets, while Bitcoin continues its record rise. Data from SoSoValue shows that, as of Wednesday, the 12 Bitcoin spot ETFs had accumulated $100.55 billion, representing approximately 5.4% of the total Bitcoin market capitalization.
BlackRock’s IBIT leads the pack with $45.4 billion in assets, followed by Grayscale’s GBTC with $20.6 billion.
Bitcoin hits new all-time high
Bitcoin reached an all-time high, trading around $97,094, an increase of 3.8% in the last 24 hours. The funds also saw significant inflows, with $733.5 million recorded on Wednesday and $837.36 million the previous day. BlackRock’s IBIT saw the largest inflows, with $626.5 million, while Fidelity’s FBTC attracted $133.9 million.
Smaller contributions included $9.3 million to Bitwise’s BITB and $3.8 million to Ark’s ARKB and 21Shares. However, Grayscale’s GBTC reported no new entries.
Meanwhile, US spot Ethereum ETFs continue to see outflows, with $30.3 million withdrawn on Wednesday, marking the fifth consecutive day of negative flows. Trading volume for ether ETFs fell to $338.3 million, down from $345.1 million the previous day.
Meanwhile, open interest in BTC contracts has risen to $63 billion, with a daily increase of $6 billion. BTC’s implied volatility (IV) has risen to 60, indicating a higher probability of large market fluctuations in the future.
Bitwise Asset Management steps into Solana ETF
Bitwise Asset Management has filed an application to establish a fiduciary entity for its proposed Bitwise Solana ETF in Delaware, marking a first step toward launching the fund, as the cryptocurrency ETF market continues to see a surge in demand.
If approved, Bitwise will join other asset managers such as VanEck and 21Shares, which have also pushed ETFs focused on Solana. The filing follows Bitwise’s recent S-1 filing for an XRP ETF, the first fund proposal to offer exposure to Ripple’s native cryptocurrency.
The firm has seen notable growth in 2024, with assets under management (AUM) reaching $5 billion as of October 15, a 400% increase year-to-date.
Bitwise’s spot Bitcoin ETF, BITB, has also gained significant traction, with net inflows of $2.3 billion since its launch, trailing only offerings from BlackRock and Fidelity.
Source: Ambito
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