Bitcoin ETF Inflows Up Ninefold, Ethereum ETFs Stall
Date: 2024-10-08 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
On October 7, 12 spot Bitcoin ETFs recorded inflows of $235.19 million, more than nine times the $25.59 million inflows recorded the previous trading day. The Fidelity ETF (FBTC) led the way with inflows of $103.68 million, followed by the BlackRock ETF (IBIT), the largest spot Bitcoin ETF by net assets, which received $97.88 million. IBIT had not reported any inflows the day before, making its rebound particularly notable.
The Bitwise ETF (BITB) continues its positive streak with $13.09 million in net inflows over three consecutive days, while Ark and 21Shares (ARKB) added $12.63 million. Other Bitcoin ETFs also saw inflows, with VanEck’s HODL and Invesco’s BTCO seeing more modest inflows of $5.37 million and $2.53 million, respectively. Meanwhile, Grayscale’s GBTC and the rest of the spot Bitcoin ETFs saw no inflows on the day.
The total trading volume of the 12 Bitcoin ETFs increased significantly to $1.22 billion on October 7, up from the previous day’s levels. Since their inception, these funds have attracted $18.73 billion in net inflows.
Bitcoin Prices Recover
These inflows coincided with a rebound in Bitcoin to $63,000, representing a 2% gain on October 7 compared to the previous day. The positive market sentiment followed a short-term decline caused by escalating geopolitical tensions, particularly the conflict between Iran and Israel.
Despite these global uncertainties, Bitcoin’s recovery also appears to be tied to developments in the U.S. political arena and broader economic trends. Recent events, including a rally in Butler, Pennsylvania, where former President Donald Trump spoke alongside Elon Musk, may have boosted investor optimism. Musk’s support for Trump has galvanized political supporters, which some analysts believe may have had an impact on markets, creating a positive feedback loop for Bitcoin.
However, despite the significant inflows, Bitcoin’s price did not remain stable throughout the day. By the end of the reporting period on October 8, Bitcoin had fallen 1.8% to $62,332, and the broader cryptocurrency market saw more than $218 million in liquidations.
Ethereum ETF Stagnation
Unlike Bitcoin, Ethereum spot ETFs had a quiet day. According to SoSoValue, nine U.S. spot Ethereum ETFs saw zero inflows on Oct. 7, after a modest net inflow of $7.39 million the previous day. Trading volume across these ETFs also fell significantly, falling to $118.43 million from $148.01 million the previous day. Ethereum’s price also reflected the broader market decline, falling 2.9% to $2,417 at report time as investors remained cautious despite a surge in Bitcoin-linked products.
