🌎 Spot Bitcoin ETFs Surge While Ethereum ETFs Stay Flat

Spot Bitcoin Exchange-Traded Funds (ETFs) in the U.S. experienced a significant jump in net positive flows, while Ethereum spot ETFs saw no activity.

Bitcoin ETFs See Major Inflows

According to data from SoSoValue, 12 spot Bitcoin ETFs recorded inflows totaling $235.19 million on October 7, a dramatic increase from the $25.59 million reported the previous trading day. Fidelity’s FBTC led the inflows with $103.68 million, followed closely by BlackRock’s IBIT, which saw $97.88 million. Notably, IBIT had zero flows the day before, making this rebound significant.

Bitwise’s BITB continued its streak with $13.09 million in net inflows over three consecutive days. Ark and 21Shares’ ARKB added $12.63 million. Other Bitcoin ETFs also reported inflows, with Bitwise’s BITB logging $13.09 million, maintaining its three-day streak. VanEck’s HODL and Invesco’s BTCO reported more modest inflows of $5.37 million and $2.53 million, respectively.

On the other hand, Grayscale’s GBTC and other spot Bitcoin ETFs recorded zero net flows on the same day.

Trading Volume and Market Sentiment

Total trading volume across the 12 Bitcoin ETFs surged to $1.22 billion on October 7, up from the previous day’s levels. These funds have collectively attracted a net inflow of $18.73 billion since their inception.

The inflows coincided with Bitcoin’s price recovery to $63,000, reflecting a 2% rise on October 7. This positive market sentiment followed a brief decline triggered by escalating geopolitical tensions, specifically the Iran-Israel conflict.

Despite these global uncertainties, Bitcoin’s recovery seems tied to developments in the U.S. political landscape and broader economic trends. Recent events, including a rally in Butler, Pennsylvania, where former President Donald Trump appeared alongside Elon Musk, may have bolstered investor optimism. Musk’s endorsement of Trump’s candidacy invigorated political supporters, potentially creating a positive feedback loop for Bitcoin.

This rally, combined with unexpectedly strong U.S. employment figures, has bolstered confidence in Bitcoin as investors assess the intersection of political, economic, and market trends.

However, Bitcoin’s price did not remain steady throughout the day. By the end of reporting on October 8, Bitcoin had dropped 1.8% to $62,332, and the broader cryptocurrency market saw over $218 million in liquidations.

Ethereum ETFs Record Zero Flow Day

In contrast to Bitcoin, spot Ethereum ETFs saw a quiet day. According to SoSoValue data, the nine spot Ethereum ETFs in the U.S. recorded zero inflows on October 7, after registering modest net inflows of $7.39 million on the previous trading day. Trading volume for these ETFs also decreased significantly, dropping to $118.43 million from $148.01 million the day before.

Ethereum’s price also reflected the broader market downturn, falling 2.9% to $2,417 at the time of reporting, as investors remained cautious despite the surge in Bitcoin-related products.