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US bitcoin spot ETFs saw a significant increase in net positive flows, while ethereum spot ETFs came to a complete halt.
According btc-spot” target=”_blank” rel=”nofollow”>data According to SoSoValue, the 12 spot bitcoin ETFs recorded inflows of $235.19 million on October 7, a more than nine-fold increase compared to inflows of $25.59 million recorded the previous trading day.
Fidelity's FBTC led the charge with $103.68 million in inflows, closely followed by BlackRock's IBIT, the largest spot bitcoin ETF by net assets, which posted $97.88 million. IBIT had reported zero flows the previous day, which makes its rebound notable.
Bitwise's BITB continued its streak with $13.09 million in net inflows for three consecutive days, while Ark and 21Shares' ARKB added $12.63 million.
Other bitcoin ETFs also recorded inflows, with Bitwise's BITB posting $13.09 million, extending its three-day streak of net inflows. 21Shares' Ark and ARKB followed closely with $12.63 million in net inflows, while VanEck's HODL and Invesco's BTCO reported more modest inflows of $5.37 million and $2.53 million, respectively.
Meanwhile, Grayscale's GBTC and the remaining spot btc ETFs recorded zero net flows on the day.
Total trading volume across the 12 bitcoin ETFs saw a significant increase to $1.22 billion on October 7 from the previous day's levels. These funds have together attracted a net inflow of $18.73 billion since their inception.
Political and economic factors drive sentiment
The inflows coincided with the recovery of the price of bitcoin (btc) to $63,000, reflecting a 2% increase on October 7 from the previous day. The positive market sentiment followed a brief decline caused by escalating geopolitical tensions, particularly the Iran-Israel conflict.
While these global uncertainties weighed on markets, bitcoin's recovery also appears to be tied to the evolving US political landscape and broader economic trends.
Recent events, including a rally in Butler, Pennsylvania, where former President Donald Trump appeared alongside Elon Musk, may have boosted optimism among investors. Musk's endorsement of Trump's candidacy strengthened political supporters, which some analysts believe spilled over into the markets, creating a positive feedback loop for bitcoin.
This rally, along with unexpectedly strong US employment numbers, has bolstered confidence in bitcoin as investors assess the intersection of political, economic and market trends.
Despite the significant inflows, bitcoin price did not remain stable throughout the day. At the end of the report on October 8, bitcoin had fallen 1.8% to $62,332, and the broader cryptocurrency market recorded more than $218 million in liquidations.
ethereum ETFs record zero flow day
Unlike bitcoin, ethereum spot ETFs had a quiet day. According to SoSoValue eth-spot” target=”_blank” rel=”nofollow”>dataThe nine US ethereum spot ETFs recorded zero inflows on October 7, after recording modest net inflows of $7.39 million the previous trading day. The trading volume of these ETFs also decreased significantly, falling to $118.43 million from $148.01 million the previous day.
ethereum (eth) price also reflected the broader market slowdown, falling 2.9% to $2,417 at the time of writing as investors remained cautious despite the rise in bitcoin-related products. .
