Key Points
- Bitcoin ETFs experienced significant inflows on 7th October, led by Fidelity’s FBTC and BlackRock’s IBIT.
- Ethereum ETFs saw no new inflows and a decrease in trading volume on the same day.
Despite a sluggish start to October, spot Bitcoin ETFs are showing signs of recovery. Farside Investors reported considerable inflows into BTC ETFs on 7th October, totalling $235.2 million. This marks two days in a row of positive capital movement.
Fidelity’s FBTC ETF Leads the Way
Fidelity’s FBTC ETF led the influx with the highest inflows, pulling in $103.7 million. Additionally, BlackRock’s IBIT, the largest spot Bitcoin ETF by assets, saw a substantial $97.9 million in inflows, bouncing back from inactivity on 4th October.
Other ETFs such as Bitwise’s BITB, Ark and 21Shares’ ARKB, VanEck’s HODL, and Invesco’s BTCO also saw inflows. However, Grayscale’s GBTC and six other ETFs saw no new inflows on 7th October. Despite this, the total trading volume across all 12 ETFs reached $1.22 billion, a steady increase from previous days.
Bitcoin’s Price Experiences Bearish Momentum
Interestingly, as Bitcoin ETFs attract more investor interest, Bitcoin’s price has shown signs of struggle. The cryptocurrency is currently trading around $62,497, remaining below its recent peak of $66,000. This coincides with a significant legal decision, as the U.S. Supreme Court recently declined to hear an appeal about the ownership of 69,370 Bitcoin initially seized from the Silk Road dark web marketplace.
Unlike BTC ETFs, U.S. spot Ethereum ETFs saw no new activity on 7th October, following inflows last recorded on 4th October and outflows on 3rd October. Alongside this quiet period, trading volume across nine ETH ETFs also declined. Meanwhile, Ethereum’s price dropped by 1.35%, trading at $2,436, reflecting the changing dynamics in the crypto space.
