Spot Bitcoin ETFs See Surge in Inflows, Ethereum ETFs Remain Stagnant
Spot Bitcoin exchange-traded funds in the U.S. experienced a surge in net positive flows, while Ethereum spot ETFs saw a complete standstill, according to data from SoSoValue.
On Oct. 7, the 12 spot Bitcoin ETFs saw inflows of $235.19 million, a significant increase compared to the $25.59 million recorded the previous trading day. Fidelity’s FBTC led the way with $103.68 million in inflows, followed by BlackRock’s IBIT with $97.88 million. Bitwise’s BITB continued its streak with $13.09 million in net inflows over three consecutive days, while Ark and 21Shares’ ARKB added $12.63 million.
Total trading volume across the 12 Bitcoin ETFs rose to $1.22 billion on Oct. 7, with a net inflow of $18.73 billion since their inception.
The positive market sentiment for Bitcoin coincided with a price recovery to $63,000 on Oct. 7, following a brief decline due to geopolitical tensions. Developments in the U.S. political landscape and strong economic figures also contributed to the optimism among investors.
However, despite the inflows, Bitcoin’s price dropped 1.8% to $62,332 by the end of reporting on Oct. 8, leading to over $218 million in liquidations in the broader cryptocurrency market.
In contrast, spot Ethereum ETFs saw zero inflows on Oct. 7, after registering modest net inflows of $7.39 million the previous day. Ethereum’s price also fell 2.9% to $2,417 as investors remained cautious amidst the surge in Bitcoin-related products.
