Bitcoin ETFs See $137M Inflow, October Turns Positive
MissedBlock Desk · · 2 min read
Updated
Bitcoin ETFs See Inflows Despite Fed Hawkishness
Bitcoin exchange-traded funds (ETFs) listed in the U.S. have attracted significant inflows over the past three days, totaling $424 million and pushing October’s net flows into positive territory at $111 million. This surge occurred despite a hawkish stance from the Federal Reserve and a generally subdued cryptocurrency market sentiment.
On Wednesday, Bitcoin ETFs saw $137 million in new investments, extending a three-day streak of daily inflows. This brought the cumulative inflows for the three-day period to approximately $424 million, according to data from SoSoValue.
The positive momentum in October follows a period of outflows, with nearly $774 million exiting Bitcoin ETFs in the final two trading days of the previous week, leaving cumulative net flows negative through Tuesday.
The rebound in Bitcoin ETF performance coincided with the U.S. Federal Reserve’s decision on Wednesday to maintain its benchmark interest rate unchanged, holding steady within a target range of 3.75% to 4%. Federal Reserve Chair Jerome Powell reiterated concerns that inflation remains above the central bank’s 2% target.
“With limited new direction from the Fed, Bitcoin’s near-term performance may depend more heavily on Treasury yields, dollar movements and broader risk sentiment,” commented Lewis Huang, an analyst at Bitget.
At the time of reporting, Bitcoin was trading at $79,848, marking a slight decrease of around 1% over the preceding 24 hours, according to CoinGecko. The broader cryptocurrency market sentiment remained neutral, with the Crypto Fear & Greed Index holding at 51 for the second consecutive day.
In contrast, Ether (ETH) ETFs continued to experience outflows, shedding an additional $21 million on Wednesday. This brought October’s net outflows for Ether ETFs to $1.35 billion. Ether was trading at $2,310, down 1.7% in the last 24 hours.