- Bitcoin ETF inflows are seeing renewed momentum, led by Fidelity’s FBTC and BlackRock’s IBIT.
- Ethereum ETFs are not experiencing any new inflows, with trading volume declining on October 7.
Despite a slow start to October for spot Bitcoin [BTC] ETFs, the market is showing signs of improvement.
According to Farside InvestorsBTC ETFs saw a notable inflow of $235.2 million on October 7, marking two consecutive days of positive capital movement.
Fidelity’s Leads Bitcoin ETF
Leading the rise was Fidelity’s FBTC ETF, which recorded the highest inflows, taking in $103.7 million.
Additionally, BlackRock’s IBIT, the largest spot Bitcoin ETF by assets, recorded solid inflows of $97.9 million, recovering from zero activity on October 4.
As expected, Bitwise’s BITB earned $13.1 million, Ark and 21Shares’ ARKB $12.6 million, VanEck’s HODL $5.4 million and Invesco’s BTCO $2.5 million.
However, Grayscale’s GBTC and six other ETFs recorded no new flows on October 7.
That said, the collective trading volume of all twelve ETFs was $1.22 billion, showing a steady increase from $1.19 billion on October 4 and $1.13 billion on October 3.
Balchunas had already anticipated this
Commenting on this, Bloomberg Senior ETF Analyst Eric Balchunas recently highlighted IBIT and FBTC as two standout BTC ETFs of the decade.
He noted their impressive rise to stud-level status, each amassing more than $10 billion in Assets Under Management (AUM).
Balchunas emphasized:
Source: Eric Balchunas/X
Bitcoin price is showing bearish momentum
With Bitcoin ETFs unexpectedly attracting more and more investor attention, the price of BTC is showing some signs of trouble.
Currently trading around $62,497, after falling 0.48% in the past 24 hours, the cryptocurrency remains shy of its recent peak of $66,000.
These developments coincided with a major legal decision, as the US Supreme Court recently declined to hear an appeal over the ownership of 69,370 Bitcoin initially seized from the Dark Web marketplace Silk Road.
Ethereum ETF analyzed
Unlike BTC ETFs, Ethereum is spotting in the US [ETH] ETFs experienced a lull in activity on October 7, after last seeing inflows of $7.39 million on October 4 and outflows of $3.2 million on October 3.
In addition to this quiet period, trading volume increased over nine ETH ETFs fell to reach $118.43 million, compared to $148.01 million on October 4.
Meanwhile, on the pricing front, Ethereum had fallen by 1.35%, trading at $2,436, reflecting the changing dynamics in the crypto space.