In the U.S., spot Bitcoin exchange traded funds saw an increase in positive net flows. Ethereum spot ETFs were at a standstill.
As per data SoSoValue reported that the 12 Bitcoin spot ETFs received inflows totaling $235.19 millions on October 7, an increase of more than nine times the inflows registered the day before.
BlackRock IBIT, the largest Bitcoin ETF based on net assets, was second with $97.88 Million. IBIT’s return is noteworthy, as it had zero inflows the day before.
Bitwise’s BITB has continued to be a hot stock, bringing in $13.09 millions in three days. Ark and 21Shares ARKB also added $12.63million.
Bitwise’s BITB, which has been a net positive for three days, also experienced inflows. Ark’s ARKB and 21Shares ARKB were close behind with net inflows totaling $12.63 millions. VanEck’s HODL, Invesco BTCO, and VanEck HODL reported smaller inflows at $5.37 and $2.53 respectively.
Grayscale GBTC, as well as the other spot BTC ETFs, recorded no net flow on that day.
On Oct. 7, the total volume traded across all 12 Bitcoin ETFs rose significantly from its previous levels to reach $1.22billion. The funds collectively have received a net of $18.73bn since they were founded.
Politics and economy drive the sentiment
Bitcoins’ (BTCThe price recovered to $63,000 on 7th October, a 2 percent increase from the previous morning. This positive sentiment came after a temporary decline, which was caused by the escalating tensions in geopolitics. Iran-Israel conflict.
Bitcoin’s rebound seems linked to both the U.S. economic landscape and political developments.
Recent events such as a rally at Butler, Pennsylvania in which former President Donald Trump and Elon Musk appeared together, may be responsible for this. buoyed optimism among investors. Musk’s support for Trump’s campaign energised political supporters. Some analysts think this spilled into the markets and created a positive feedback cycle for Bitcoin.
It was a rally that had unexpectedly strong U.S. employment figuresInvestors are assessing the intersection between political, economic and market trends.
Bitcoin’s value did not stay constant throughout the day despite the large inflows. Bitcoin dropped by 1.8% at the end of Oct. 8 reporting to $62,332. The broader crypto market also saw more than $218 million liquidations.
Ethereum ETFs register zero day of trading
In stark contrast to Bitcoin ETFs, spot Ethereum saw a calm day. SoSoValue reports dataOn Oct. 7th, nine Ethereum ETFs listed in the U.S. registered no inflows after recording modest inflows totaling $7.39m on the prior trading day. These ETFs’ trading volumes also dropped significantly. They fell to $118.43 millions from $148.01million the day before.
Ethereum’s (ETHPrice also reflected a broader market slump, dropping 2.9% at reporting to $2,417. This was despite investors remaining cautious in spite of the boom in Bitcoin related products.
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Source: crypto.news
