Spot Bitcoin ETFs draw $1.07 billion in three days, flipping October flows positive

Editorial illustration: Three chutes pour blue spheres into the lower, fuller tray of a metal balance scale. A gold Bitcoin coin rests on a downward-sloping ramp in the foreground.

In brief

  • Spot Bitcoin ETFs took in $524.8 million Wednesday, per Decrypt's ETF tracker.
  • The three-session inflow streak starting Monday totaled roughly $1.07 billion.
  • October flows swung from about -$615 million to roughly +$460 million.
  • Ethereum ETFs ended a five-day outflow streak but remain down about $1.07 billion for October.
  • Bitcoin traded near $81,470 Thursday, down 2.4% over 24 hours.

IBIT carried Monday

Monday's $526.7 million inflow was the funds' best day since Sept. 22, and it came entirely from BlackRock's IBIT, Decrypt reported.

Every dollar of that day's haul went into one fund.

The rebound followed two weeks in which spot Bitcoin ETFs lost about $910 million. Cumulative net inflows since launch stand at $58.4 billion, with total net assets at $100.8 billion, per the tracker.

J.P. Morgan Asset Management weighed in this week too. In its first long-term forecast for the asset, the firm projected a 10% compound annual return for Bitcoin over the next 10 to 15 years (while cautioning about 55% volatility), as reported by Decrypt.

Ethereum funds snap a losing run

Ethereum ETFs took in $14.9 million on Wednesday, ending a five-day outflow streak that drained about $389 million. That's a small dent. They're still down roughly $1.07 billion for October, with cumulative net inflows of $12.8 billion.

Bitcoin slips to $81,470

Bitcoin traded at about $81,470 on Thursday, down 2.4% over 24 hours but up 2% on the week. It had hit a weekly high near $85,000 the day before, and it briefly slipped below $80,000 the previous week. Ethereum fell 2.6% to roughly $2,393, while total crypto market cap slipped 2.9% to $2.84 trillion. Zcash dropped 5.6%, among the hardest hit in the top 10, though it's still up nearly 14% over seven days.

Traders on Myriad (a prediction market built by Dastan, Decrypt's parent company) gave Bitcoin a 20% chance of topping $87,500 before October ends and 9% odds of reaching $90,000. They priced a drop to $77,500 at 35%. ETH bets looked brighter, with Myriad users giving it a 61.3% chance of rising to $3,000 before falling to $1,500.

The Federal Reserve next meets on Oct. 27-28, and Decrypt noted that persistent inflation keeps another rate hike on the table.