Spot Bitcoin ETF inflows surge nine fold, Ethereum ETFs stall

While spot Bitcoin exchange-traded funds in the US have seen a significant jump in net positive flows, Ethereum spot ETFs have come to a complete halt.

According to data from SoSoValue, 12 spot Bitcoin ETFs recorded inflows of $235.19 million on October 7; This was an increase of more than ninefold compared to the $25.59 million inflow recorded on the previous trading day.

Fidelity’s FBTC led the way with $103.68 million in inflows, followed by BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, with $97.88 million. IBIT had reported zero flows the previous day, making the recovery notable.

Bitwise’s BITB continued its streak with a net inflow of $13.09 million for three consecutive days, while Ark and 21Shares’ ARKB earned $12.63 million.

Other Bitcoin ETFs have also seen inflows; Bitwise’s BITB recorded $13.09 million, extending its three-day net inflow streak. Ark and 21Shares’ ARKB followed closely with net inflows of $12.63 million, while VanEck’s HODL and Invesco’s BTCO reported more modest inflows of $5.37 million and $2.53 million, respectively.

Meanwhile, Grayscale’s GBTC and the remaining spot BTC ETFs recorded zero net flows on the day.

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

Political and economic factors drive sentiment

The inflows coincided with the price of Bitcoin (BTC) recovering to $63,000; This reflects a 2% increase from the previous day on October 7. The positive market sentiment followed a brief decline triggered by rising geopolitical tensions, particularly the Iran-Israel conflict.

While these global uncertainties put pressure on markets, Bitcoin’s recovery also appears to depend on developments in the US political environment and broader economic trends.

Recent events, including a rally in Butler, Pennsylvania, where former President Donald Trump appeared on stage with Elon Musk, may have increased optimism among investors. Musk’s support of Trump’s candidacy has galvanized political supporters, which some analysts believe is reflected in markets and creates a positive feedback loop for Bitcoin.

This rally, combined with unexpectedly strong US employment numbers, has increased confidence in Bitcoin as investors evaluate the intersection of political, economic and market trends.

Despite significant inflows, Bitcoin price remained stable throughout the day. By the end of the report on October 8, Bitcoin was down 1.8% to $62,332, and the broader cryptocurrency market had seen over $218 million in liquidations.

Ethereum ETFs log zero flow day

Unlike Bitcoin, spot Ethereum ETFs had a quiet day. Nine spot Ethereum ETFs in the US recorded zero inflows on Oct. 7, after recording modest net inflows of $7.39 million the previous trading day, according to SoSoValue data. Trading volume for these ETFs also decreased significantly, falling to $118.43 million from $148.01 million the previous day.

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