The cryptocurrency market is seeing a resurgence in Bitcoin ETF inflows, led by prominent players like Fidelity’s FBTC and BlackRock’s IBIT. On the other hand, Ethereum ETFs are experiencing a slowdown in activity, with declining trading volume on the 7th of October.
According to Farside Investors, Bitcoin ETFs received significant inflows amounting to $235.2 million on the 7th of October, marking a positive trend in capital movement for the second consecutive day. Fidelity’s FBTC ETF led the surge with $103.7 million in inflows, followed by BlackRock’s IBIT, which recorded $97.9 million in inflows. Other notable ETFs like Bitwise’s BITB, Ark and 21Shares’ ARKB, VanEck’s HODL, and Invesco’s BTCO also saw inflows on that day. However, Grayscale’s GBTC and six other ETFs did not record any new flows.
The collective trading volume across all 12 ETFs reached $1.22 billion on the 7th of October, indicating a steady increase from previous days. Bloomberg senior ETF analyst Eric Balchunas highlighted IBIT and FBTC as standout BTC ETFs of the decade, each amassing over $10 billion in Assets Under Management (AUM).
Despite the positive trend in Bitcoin ETFs, the price of Bitcoin has shown bearish momentum, currently trading around $62,497 after a 0.48% drop in the past 24 hours. This comes as the U.S. Supreme Court declined to hear an appeal concerning the ownership of 69,370 Bitcoin seized from the Silk Road dark web marketplace.
In contrast, U.S. spot Ethereum ETFs experienced a pause in activity on the 7th of October, with a decline in trading volume compared to previous days. Ethereum’s price was also down by 1.35%, trading at $2,436. These developments reflect the shifting dynamics in the cryptocurrency space.
As the market continues to evolve, investors are closely watching the performance of both Bitcoin and Ethereum ETFs to gauge the overall sentiment and potential opportunities in the crypto market.