On October 8, 2024, U.S. spot Bitcoin exchange-traded funds (ETFs) saw $235.19 million in net inflows over a two-day period. Fidelity’s FBTC led the way with $103.68 million in inflows, while BlackRock’s IBIT had $97.88 million in net inflows after reporting zero flows on Friday. Other notable entries included Bitwise’s BITB with $13.09 million in new investments and Ark and 21Shares’ ARKB with $12.63 million. In contrast, U.S. spot Ethereum ETFs had no inflows on Monday after experiencing outflows of $7.39 million on Friday. The total trading volume for the 12 bitcoin ETFs reached $1.22 billion on Monday, showing a slight increase.
Digital asset investment products, on the other hand, saw outflows of $147 million the previous week due to increased investor caution in response to strong economic data. Despite this cautious sentiment, trading volumes for exchange-traded products (ETPs) increased by 15% to $10 billion. Bitcoin experienced outflows of $159 million, while Ethereum saw $29 million in outflows as interest waned. Multi-asset investment products, however, continued to attract inflows, with $29 million coming in, marking the 16th consecutive week of positive trends. Since June, these products have garnered $431 million in assets under management, appealing to investors looking for diversified exposure across various digital assets.
The market narrative for October, known as “Uptober,” seems to be gaining strength as Bitcoin stabilizes near levels seen the previous Monday. Strong Non-Farm Payroll (NFP) data and renewed interest from an upcoming HBO Bitcoin documentary have supported the market around the $60,000 mark. Despite recent volatility, options flows suggest a positive outlook for the fourth quarter, with significant interest in December BTC call spreads targeting $75,000 and $95,000 levels, further bolstering the “Uptober” narrative. Expectations of further rate cuts and Bitcoin’s strong correlation with equities contribute to the optimistic stance for a strong October performance.
Among the U.S. spot Bitcoin ETFs, Fidelity’s FBTC and BlackRock’s IBIT were the top performers, attracting significant inflows. Bitwise’s BITB and Ark and 21Shares’ ARKB also saw sizable investments. However, U.S. spot Ethereum ETFs had no inflows on Monday after experiencing outflows on Friday. The overall trading volume for Bitcoin ETFs slightly increased, while Ethereum ETF volumes decreased. Despite these movements, the market remains optimistic about the performance of digital asset investment products, with multi-asset products continuing to attract inflows.
Digital asset investment products had outflows of $147 million last week, reflecting investor caution in response to strong economic data. Despite this, trading volumes for ETPs increased by 15%, indicating continued interest in the market. Bitcoin and Ethereum both experienced outflows, but multi-asset investment products attracted inflows for the 16th consecutive week, appealing to investors seeking diversified exposure. The market narrative for October, “Uptober,” is gaining strength, with Bitcoin stabilizing and positive options flows pointing to a strong fourth quarter performance. This optimistic outlook is supported by expectations of further rate cuts and Bitcoin’s correlation with equities.
