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Bitcoin ETFs Score $197.8M Uptober Surge as Ethereum 8-day Inflow Streak Snaps

U.S. spot Bitcoin exchange-traded funds (ETFs) continued their sturdy October run, recording $197.8 million in web inflows on October 9, according to information from SoSoValue.

The surge displays renewed institutional curiosity in Bitcoin as the asset trades close to report highs.

The newest inflows pushed cumulative totals for U.S. Bitcoin spot ETFs to $62.77 billion, with complete web belongings reaching $164.79 billion and each day buying and selling quantity climbing to $5.32 billion.

Bitcoin ETFs now characterize roughly 6.8% of Bitcoin’s complete market capitalization, exhibiting their rising function in institutional portfolios.

BlackRock Dominates Bitcoin ETF Market as Ethereum Products Lose Momentum

US Spot Bitcoin ETFs, October 9 Source: SoSoValue

BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows with $255.47 million, extending its dominance within the sector with complete belongings surpassing $97 billion.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) noticed $13.19 million in outflows, whereas Grayscale’s GBTC reported $45.55 million in withdrawals.

The renewed momentum for Bitcoin ETFs follows a string of sturdy influx periods this month. Earlier within the week, Bitcoin ETFs logged $1.19 billion in inflows on October 6, their highest each day complete since July, with BlackRock accounting for greater than 80% of that quantity.

Bitcoin (BTC) itself has risen over 10% in October, peaking at $126,080 earlier than pulling again to round $121,000 at press time, down 0.6% previously 24 hours.

The rising inflows mark Bitcoin’s greatest month for the reason that summer season, with institutional traders driving demand as expectations of favorable regulatory developments and robust earnings season tailwinds construct.

In distinction, Ethereum ETFs noticed their eight-day influx streak finish on October 9, recording $8.7 million in outflows. The reversal got here after constant positive aspects over the previous week, throughout which Ethereum ETFs attracted greater than $1.8 billion in cumulative inflows.

US Spot Ethereum ETFs, October 9 Source: SoSoValue

Total belongings for Ethereum spot ETFs now stand at $29.9 billion, with a complete buying and selling quantity of $2.34 billion.

BlackRock’s ETHA fund remained the highest performer with $39.29 million in inflows, whereas Fidelity’s FETH led the outflows with $30.26 million. Other issuers, together with Bitwise, VanEck, and 21Shares, additionally reported modest withdrawals.

Ethereum was buying and selling at $4,352 on the time of reporting, down 2.3% on the day and three.2% over the previous week. Despite the short-term pullback, Ethereum stays about 12% under its August peak of $4,946.

Spot buying and selling volumes for Ethereum stayed agency at $40.4 billion over the previous 24 hours, a 9% rise from the day past, whereas futures exercise climbed 21.5% to $93.6 billion, suggesting continued dealer engagement regardless of the pause in ETF inflows.

Bitcoin, Ethereum See Record Institutional Momentum as ETFs and Treasuries Expand

Bitcoin and Ethereum continued to point out sturdy institutional momentum this 12 months, pushed by report ETF inflows and on-chain alerts suggesting extra upside forward.

Bitcoin, which not too long ago traded round $121,000, stays “ice chilly” by certainly one of its key valuation gauges, the Mayer Multiple. The indicator, which compares worth to Bitcoin’s 200-week shifting common, at present sits at 1.16, nicely under the two.4 stage sometimes considered as overheated.

Analysts say that leaves room for costs to climb towards $180,000 earlier than reaching traditionally “overbought” circumstances. Despite sitting at all-time highs, on-chain metrics point out a calmer and extra sustained market than in previous cycles.

Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) has become the agency’s most worthwhile exchange-traded fund, incomes roughly $245 million in charges over the previous 12 months.

The spot Bitcoin ETF has amassed practically $98 billion in belongings since its launch 22 months in the past, making it the fastest-growing ETF in historical past and positioning it to surpass Vanguard’s S&P 500 index fund (VOO) as the primary to hit the $100 billion mark.

Institutional curiosity has additionally expanded to Ethereum. Treasury holdings and spot ETFs now collectively maintain greater than 12.4 million ETH, or about 10% of the full provide.

Treasury allocations account for five.6 million ETH, whereas ETFs maintain one other 6.8 million ETH, exhibiting Ethereum’s rising standing as a mainstream institutional asset alongside Bitcoin.

The submit Bitcoin ETFs Score $197.8M Uptober Surge as Ethereum 8-day Inflow Streak Snaps appeared first on Cryptonews.

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