Over $600 million flowed into US spot Bitcoin ETFs on Thursday, and Ethereum ETF also saw an influx of over $300 million.
This trend is a severe reversal from the outflow seen in September. Bitcoin prices have recovered to the $120,000 level for the first time in a month and a half, so many are checking whether this new ETF capital can promote sustainable gatherings.
Bitcoin breaks $120,000 to see updated influx of spot ETFs
The US BTC ETF recorded a net inflow of $627 million on Thursday, according to data from Farside Investors. BlackRock’s IBIT led with $464 million, while Fidelity’s FBTC led with $89.6 million. ETH ETFs also showed strong inflows, with BlackRock’s ETHA leading at $177 million, followed by Fidelity ($60.7 million) and Bitwise ($46.5 million).
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This is one of the fourth consecutive day of influx of Bitcoin Spot ETFs and Ethereum Spot ETFs.
The reversal of fate
The continuous influx has changed the sentiment of the ETF market. The US Spot Bitcoin ETF previously recorded consecutive spills in the third and fourth weeks of September, but over 16,000 BTC have left the funds.
However, this trend reversed with a net inflow of 3,200 BTC on September 30, indicating a potential change in market sentiment.
With the Ethereum Spot ETF, the reversal is still in its early stages. In August, ETH ETF saw a net inflow of $3.87 billion. This was a key driver behind the monthly price rise of 18.5% of assets. However, in September, net inflows plummeted to just $285.74 million, leading to a price drop of 5.62% per month.
Even at the crypto rallies in late September, Ethereum ETF performed poorly. They had maintained net inflow for three consecutive business days last week, but total inflows were under $100 million. But the inflow of over $300 million in one day on Thursday is a much more hopeful sign.
With the revival of the ETF influx, many are waiting to see if Bitcoin and Ethereum can regain their upward momentum. At the time of writing, Bitcoin is trading at $119,903, while Ethereum is priced at $4,474.
