Spot Bitcoin ETF inflows surge nine fold, Ethereum ETFs stall

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. have experienced a notable surge in net positive flows, while Ethereum spot ETFs have faced stagnation. On October 7, the 12 spot Bitcoin ETFs recorded inflows of $235.19 million, a significant increase compared to just $25.59 million the previous day.

Leading the inflows was Fidelity’s FBTC, which attracted $103.68 million, followed closely by BlackRock’s IBIT with $97.88 million—marking a remarkable recovery since it reported zero flows the day before. Other Bitcoin ETFs also saw positive movement, with Bitwise’s BITB gaining $13.09 million and Ark and 21Shares’ ARKB adding $12.63 million.

Total trading volume across the Bitcoin ETFs surged to $1.22 billion, reflecting heightened interest. Since their inception, these funds have collectively attracted $18.73 billion in net inflows.

The uptick in Bitcoin ETF inflows coincided with a price recovery for Bitcoin, which rose to $63,000, bolstered by factors such as positive U.S. employment data and political events, including a rally featuring former President Donald Trump and Elon Musk. This combination of political and economic sentiment appears to have energized investor confidence in Bitcoin.

In contrast, spot Ethereum ETFs had a lackluster day, recording zero inflows after modest gains of $7.39 million the previous day. Trading volume for these ETFs also fell from $148.01 million to $118.43 million, reflecting a broader cautious sentiment among investors as Ethereum’s price declined to $2,417.

Overall, while Bitcoin ETFs are seeing a resurgence in interest, Ethereum’s spot ETFs remain on the sidelines, indicating a clear divergence in investor sentiment between the two leading cryptocurrencies.