BTC ETFs Surge with $235 Million in Inflows, While ETH ETFs See No Activity

Highlights:

• Bitcoin ETFs have spiked considerably, with about $235 million in net inflows in its October 7 flow statistics.
• On the other hand, Ethereum ETFs recorded zero activities from all nine ETFs.
• Bitcoin and Ethereum prices display consolidatory trends, with slight declines in their market variables.

Having concluded the past week in losses, Bitcoin (BTC) Exchange Traded Funds (ETFs) recorded a significant bounce back in its most recent flow data. According to Farside’s post on X, the commodities saw an impressive $235 million profit. On the contrary, Ethereum (ETFs) ETH displayed worrying ETFs market showings with zero activities from its nine entities.

Bitcoin ETF Flow (US$ million) – 2024-10-07

TOTAL NET FLOW: 235.2

IBIT: 97.9
FBTC: 103.7
BITB: 13.1
ARKB: 12.6
BTCO: 2.5
EZBC: 0
BRRR: 0
HODL: 5.4
BTCW: 0
GBTC: 0
BTC: 0

For all the data & disclaimers visit:https://t.co/Wg6Qpn0Pqw

— Farside Investors (@FarsideUK) October 8, 2024

FBTC Record Over $100 Million to Lead Bitcoin ETFs Surge

On October 7, six Bitcoin ETFs out of eleven recorded activities. All six entities registered only inflows, while the remaining five saw zero activities. Fidelity Bitcoin ETF (FBTC) witnessed a massive capital inflow, with about $103.7 million, underscoring significant investors’ interest.

Interestingly, BlackRock Bitcoin ETF (IBIT) also witnessed high inflows with about $97.9 million in profits. Other entities that recorded gains include Bitwise Bitcoin ETF (BITB) with $13.1 million, ARK 21Shares Bitcoin ETF (ARKB) with $12.6 million, VanEck Bitcoin ETF (HODL) with $5.4 million, and Invesco Bitcoin ETF (BTCO) with $2.5 million.

Despite over $100 million in profits, FBTC remains below IBIT in cumulative inflow worth. For context, IBIT has contributed $21.656 billion to Bitcoin ETFs’ total valuation, while FBTC has a $9.951 billion contribution. On the other hand, Grayscale Bitcoin ETF (GBTC) remains the entity with the highest losses, having registered $20.110 billion in total outflows.

Following the recent inflows, Bitcoin ETF cumulative inflow spiked considerably to about $18.73 billion. Meanwhile, other relevant statistics on SosoValue revealed $1.22 billion in Bitcoin ETFs’ total value traded. Total net assets were $58.81 billion, reflecting 4.72% of Bitcoin’s $1.23 trillion market capitalization.

Bitcoin Record Declines in Price Actions Despite Impressive ETFs Inflow

With over $200 million in net inflows for a day, one should anticipate a positive price impact for the commodity involved. However, the reverse was the case for Bitcoin. Notedly, the flagship cryptocurrency is down by roughly 2% in the past 24 hours, with approximately $62,300 in selling price.

While BTC saw a 2% decline, the global crypto market suffered a 3.6% drop, underscoring a potent reason for Bitcoin’s latest drop.

In its other extended specific period price change variables, Bitcoin also recorded declines apart from its 30-day-to-date statistics that maintained a 14.4% upswing. For context, BTC’s 7-day-to-date and 14-day-to-date statistics recorded declines of about 2.7% and 1.7%, respectively. Despite its plummeting price actions, Bitcoin’s 24-hour trading volume is up by a remarkable 62.77% with a $33.59 billion valuation.

Ethereum Remains in a Tight Spot with the Latest ETF Flow Trend

While Ethereum has consistently struggled to break above the $2,500 price level, its latest ETF flow with zero activities will complicate the coin’s condition. The implication of the zero activities implies that the nine ETFs failed to attract investors’ funds in 24 hours. Hence, it has projected Ethereum in an unfavorable position for future price ascent.

Despite the poor ETF trend, Ethereum is changing hands at about $2,400, reflecting a 2.1% dip in the past 24 hours. Like Bitcoin, ETH’s specific period price change variables reflected losses apart from its 30-day-to-date data, which saw a 5.8% upswing. Its 7-day-to-date and 14-day-to-date statistics saw declines of about 8.3% and 8.4%, respectively.