Spot Bitcoin exchange-traded funds in the U.S. recorded $479.35 million in inflows on Oct. 28 marking their fourth straight day of net inflows while spot Ether ETFs saw a slowdown in net outflows.

According to data from SoSoValue, the majority of the inflows were seen from BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, which saw $315.2 million enter the fund, extending its inflow streak of 10 days. Since its launch, the fund has amassed $24.3 billion in cumulative net inflows.

This strong performance from IBIT was complemented by inflows into other Bitcoin ETFs, including ARK 21Shares’ ARKB and Fidelity’s FBTC, which saw $59.78 million and $44.12 million respectively. Additionally, smaller but notable contributions were observed from Biwise’s BITB and the Grayscale Bitcoin Mini Trust, with inflows of $38.67 million and $21.59 million, respectively.

None of the Bitcoin ETFs, including Grayscale’s flagship GBTC, reported outflows on Oct. 28. However, GBTC remains marked by a cumulative net outflow of $20.11 billion since inception.

Nearing the 1 million BTC milestone

With these substantial inflows, the total Bitcoin held by U.S. spot Bitcoin ETF issuers has surged to 976,893 BTC, valued at over $69.3 billion, constituting nearly 5% of Bitcoin’s $1.34 trillion market capitalization.

The current momentum suggests the cumulative holdings could reach 1 million BTC by this week. At present prices, an additional $1.64 billion in net inflows is required to bridge the 23,107 BTC gap needed to hit this historic milestone.

To reach this target by the week’s end, ETFs would need to sustain an average daily inflow of $328 million.

The surge in demand for these investment products has pushed inflows to over $3.5 billion in October, coinciding with a 5% price jump that saw Bitcoin (BTC) hit a four-month high of $71,500 before consolidating to $70,980. Investor sentiment appeared buoyed by the potential outcomes of next week’s U.S. election, the Federal Reserve’s potential interest rate adjustments, and Russia’s expected lift of its ban on Bitcoin mining in November.

Ether ETFs see slowed outflows

Meanwhile, spot Ether ETFs in the U.S. saw a deceleration in outflows on Oct. 28, with only $1.14 million exiting the funds compared to $19.16 million the previous day.

Grayscale’s ETHE recorded the bulk of the outflows, with $8.44 million withdrawn. However, this was partially offset by inflows into Fidelity’s FETH and BlackRock’s ETHA, which saw inflows of $5.02 million and $2.28 million, respectively. The remaining spot Ether ETFs reported no net flows on the day.

This modest decrease in Ether ETF outflows aligns with a broader market upswing, with Ethereum (ETH) rising 3.6% to $2,611.