Despite a sluggish start in October for physical Bitcoin [BTC] ETFs, there are signs of recovery in the market.
Farside Investors reported significant inflows into BTC ETFs on the 7th of October, totaling $235.2 million, marking two consecutive days of positive capital movement.
Fidelity Takes the Lead in Bitcoin ETF Inflows
Leading the charge was Fidelity’s FBTC ETF, which attracted the highest inflows, pulling in $103.7 million.
Furthermore, BlackRock’s IBIT, the largest physical Bitcoin ETF in terms of assets, registered a noteworthy $97.9 million in inflows, bouncing back from a period of inactivity on the 4th of October.
As anticipated, Bitwise’s BITB saw an increase of $13.1 million, while Ark and 21Shares’ ARKB garnered $12.6 million. VanEck’s HODL received $5.4 million, and Invesco’s BTCO captured $2.5 million.
However, Grayscale’s GBTC and six other ETFs saw no new inflows on the 7th of October.
Collectively, trading volume across all 12 ETFs reached $1.22 billion, marking a steady rise from $1.19 billion on the 4th of October and $1.13 billion on the 3rd of October.
Anticipated Trends by Balchunas
Bloomberg’s senior ETF analyst Eric Balchunas had already predicted these developments and highlighted IBIT and FBTC as two standout BTC ETFs of the past decade.
He pointed out their impressive achievement of reaching “stud level” status, each accumulating over $10 billion in Assets Under Management (AUM).
Balchunas emphasized,
Bitcoin Price Sees Bearish Trends
Interestingly, as attention on Bitcoin ETFs grows, the price of BTC is encountering some challenges.
Currently hovering around $62,497 after a 0.48% decline in the last 24 hours, the cryptocurrency is still below its recent peak of $66,000.
These developments coincide with a significant legal ruling as the U.S. Supreme Court recently chose not to hear an appeal regarding the ownership of 69,370 Bitcoin seized from the Silk Road dark web marketplace.
Analysis of Ethereum ETF Market
In contrast to BTC ETFs, U.S. physical Ethereum [ETH] ETFs experienced a lull in activity on the 7th of October, following inflows of $7.39 million recorded on the 4th of October and outflows of $3.2 million on the 3rd of October.
During this quiet period, trading volume across nine ETH ETFs saw a decline, dropping to $118.43 million from $148.01 million on the 4th of October.
Meanwhile, in terms of price, Ethereum witnessed a 1.35% decrease, trading at $2,436, reflecting the changing dynamics in the cryptocurrency landscape.