Spot Bitcoin exchange-traded funds (ETFs) in the United States recorded impressive inflows into Bitcoin ETFs totaling a net $197.8 million this Monday. This milestone marks the fifth consecutive day of positive income. The information was highlighted in a recent report from the data analytics platform Farside Investors, showing a renewed appetite for the market’s leading crypto asset.
The day was particularly positive for major asset managers. In fact, BlackRock’s iShares Bitcoin Trust (IBIT) led the charge with an inflow of $89.2 million. Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) followed closely with a solid intake of $63.2 million. On the other hand, the Ark Invest and 21Shares ETF (ARKB) also contributed significantly, adding $30.2 million to its holdings, confirming a widespread bullish trend.
Is Uptober Boosting Bitcoin’s Dominance?
This momentum coincides with the start of “Uptober,” a historically favorable month for Bitcoin’s price. The robust performance of these financial products suggests that the confidence of institutional investors is growing ever stronger. A key piece of data from the Farside Investors report is the notable reduction in outflows from the Grayscale Bitcoin Trust (GBTC). The fund recorded a withdrawal of only $2.9 million, a figure considerably lower than its historical daily average, which could indicate a decrease in selling pressure.
The current context shows a clear contrast between Bitcoin products and those of its main competitor. While Bitcoin celebrates positive figures, Ethereum ETFs face a different scenario. This divergent behavior highlights the changing dynamics within the digital economy. Therefore, analysts are closely watching to see if this trend of inflows into Bitcoin ETFs will continue throughout the month.
Ethereum Takes a Step Back
On the other side of the coin, spot Ethereum ETFs experienced their first day of net outflows since their launch. These funds recorded a combined withdrawal of $3.9 million during the same session on Monday. This trend reversal comes after an initial eight-day streak of consecutive positive inflows that had generated optimism in the altcoin market.
The largest outflow came from the Grayscale Ethereum Trust (ETHE), which saw $16.7 million withdrawn. However, it wasn’t all bad news for the second-largest cryptocurrency. BlackRock’s ETF (ETHA) and the Ark Invest/21Shares ETF (ARKW) managed to attract $8.9 million and $3.7 million, respectively. This situation could indicate early profit-taking by some investors, a common reaction following the initial excitement of a new launch.
The mixed performance of Ethereum ETFs suggests that the market is still gauging their long-term value and potential. The reaction in the coming days will be crucial to determine if this is a temporary adjustment or the beginning of a consolidation trend. The divergence with the strong inflows into Bitcoin ETFs reinforces Bitcoin’s position as the preferred digital asset for a significant portion of institutional capital at this moment.
