U.S. spot Bitcoin exchange-traded funds (ETFs) attracted $235.19 million in net inflows on Monday, marking a two-day streak of positive capital movements, according to data from SoSoValue.
Among the 12 ETFs monitored, Fidelity’s FBTC led with $103.68 million in inflows, while BlackRock’s IBIT, the largest spot Bitcoin ETF by assets, followed closely with $97.88 million in net inflows. BlackRock’s IBIT rebounded after reporting zero inflows last Friday.
Other ETFs Also See Gains
In addition to Fidelity and BlackRock, Bitwise’s BITB secured $13.09 million in new investments, while Ark and 21Shares’ ARKB attracted $12.63 million. VanEck’s HODL saw inflows of $5.37 million, and Invesco’s BTCO added $2.53 million.
However, Grayscale’s GBTC, the second-largest spot Bitcoin ETF, along with six other ETFs, reported no inflows on Monday.
The total trading volume for the 12 Bitcoin ETFs hit $1.22 billion, showing a slight increase from $1.19 billion on Friday and $1.13 billion on Thursday.
Ethereum ETFs See No Inflows
While Bitcoin ETFs saw strong inflows, U.S. spot Ethereum ETFs saw no net inflows on Monday. This comes after recording $7.39 million in inflows on Friday, followed by $3.2 million in outflows on Thursday. The combined trading volume for the nine Ethereum ETFs dropped to $118.43 million, down from $148.01 million on Friday.
As these ETF movements unfolded, Bitcoin dipped by 1.4% to $62,757, and Ethereum fell by 2.09% to $2,442.
Digital Asset Products See $147M in Outflows
Despite the positive trend in Bitcoin ETFs, digital asset investment products experienced $147 million in outflows last week, signaling investor caution amid robust economic data. This has dampened expectations for significant interest rate cuts, affecting market sentiment.
Even as broader crypto markets saw decreased activity, exchange-traded products (ETPs) witnessed a 15% increase in trading volume, reaching $10 billion. However, Bitcoin bore the brunt of the outflows, totaling $159 million. In contrast, products that short Bitcoin saw modest inflows of $2.8 million, indicating some hedging behavior.
Ethereum continued its downward trend, registering $29 million in outflows, as investor interest declined.
Multi-Asset Products Continue to Shine
On a brighter note, multi-asset investment products maintained their upward trend, attracting $29 million in inflows, marking the 16th consecutive week of positive growth. Since June, these products have accumulated $431 million, accounting for 10% of assets under management, and have proven popular among investors seeking diversified exposure to various digital assets.
“Uptober” Narrative Gains Momentum
After a rocky start, the “Uptober” narrative seems to be regaining momentum, with Bitcoin stabilizing near last Monday’s levels, according to QCP Capital. Strong Non-Farm Payroll (NFP) data and the anticipated release of an HBO Bitcoin documentary have bolstered support around the $60,000 mark.
Despite recent volatility, options flow data points to optimism for the fourth quarter, with interest in December BTC call spreads targeting the $75,000 and $95,000 levels, further fueling the “Uptober” rally narrative.
Expectations of future rate cuts, combined with Bitcoin’s close correlation with equities, continue to drive a positive outlook for Bitcoin’s performance in October.
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