U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a two-day streak of positive capital movement, with $235.19 million in net inflows on Monday. Fidelity’s FBTC led the way with $103.68 million in inflows, followed by BlackRock’s IBIT, which saw $97.88 million in net inflows after reporting zero flows last Friday. Other notable entries include Bitwise’s BITB and Ark and 21Shares’ ARKB, attracting $13.09 million and $12.63 million respectively. VanEck’s HODL and Invesco’s BTCO also saw inflows of $5.37 million and $2.53 million. However, Grayscale’s GBTC, the second-largest spot bitcoin ETF, along with six others, reported no inflows.
The total trading volume of the 12 bitcoin ETFs reached $1.22 billion on Monday, indicating a slight increase from previous days. In contrast, U.S. spot Ethereum ETFs saw no inflows on Monday, following previous days with mixed flows. The combined trading volume of the nine Ethereum ETFs dropped to $118.43 million. Bitcoin dipped 1.4% to $62,757, while Ethereum fell 2.09% to $2,442 during this period. Despite the fluctuations, the ETF market for both Bitcoin and Ethereum remains active, with varying levels of investor interest.
Digital asset investment products experienced outflows of $147 million last week amidst increasing investor caution due to strong economic data and diminished hopes for significant interest rate cuts. Despite this cautious atmosphere, trading volumes for exchange-traded products (ETPs) increased by 15% to $10 billion. Bitcoin recorded outflows of $159 million, while products that short Bitcoin saw modest inflows of $2.8 million. Ethereum also saw outflows of $29 million as interest in the asset waned. Multi-asset investment products continued their winning streak, attracting $29 million in inflows, appealing to investors seeking diversified exposure across digital assets.
The “Uptober” narrative appears to be regaining strength, with Bitcoin stabilizing near levels seen last Monday. Strong Non-Farm Payroll (NFP) data and renewed interest from an upcoming HBO Bitcoin documentary have supported the market around the $60,000 mark. Despite last week’s volatility, options flows suggest a positive outlook for the fourth quarter, with notable interest in December BTC call spreads targeting the $75,000 and $95,000 levels. Expectations of further rate cuts and Bitcoin’s correlation with equities contribute to the optimistic stance for a strong October performance. Overall, the market outlook for both Bitcoin and Ethereum remains positive, with investor interest shifting based on economic indicators and market sentiment.
