Spot Bitcoin ETF inflows surge nine fold, Ethereum ETFs stall

Spot Bitcoin exchange-traded funds in the U.S. saw a significant jump in net positive flows, while Ethereum spot ETFs saw a complete standstill.

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged inflows of $235.19 million on Oct. 7, a surge of over nine times compared to the $25.59 million inflows recorded the previous trading day.

Fidelity’s FBTC led the charge with $103.68 million in inflows, followed closely by BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, which saw $97.88 million. IBIT had reported zero flows the prior day, making its rebound notable.

Bitwise’s BITB continued its streak with $13.09 million in net inflows over three consecutive days, while Ark and 21Shares’ ARKB added $12.63 million.

Other Bitcoin ETFs also saw inflows, with Bitwise’s BITB logging $13.09 million, extending its three-day streak of net inflows. Ark and 21Shares’ 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 rise to $1.22 billion on Oct. 7 from the prior day’s levels. These funds have collectively attracted a net inflow of $18.73 billion since their inception.

Political and economic factors drive sentiment

The inflows coincided with Bitcoin’s (BTC) price recovery to $63,000, reflecting a 2% rise on Oct. 7 from the previous day. The positive market sentiment followed a brief decline triggered by escalating geopolitical tensions, notably the Iran-Israel conflict.

While these global uncertainties weighed on markets, Bitcoin’s recovery also seems tied to developments in the U.S. 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 buoyed optimism among investors. Musk’s endorsement of Trump’s candidacy invigorated political supporters, which some analysts believe spilled over into markets, creating a positive feedback loop for Bitcoin.

This rally, coupled with unexpectedly strong U.S. employment figures, has bolstered confidence in Bitcoin as investors assess the intersection of political, economic, and market trends.

Despite the significant inflows, Bitcoin’s price did not remain steady throughout the day. By the end of reporting on Oct. 8, Bitcoin had dropped 1.8% to $62,332, and the broader cryptocurrency market saw over $218 million in liquidations.

Ethereum ETFs log zero flow day

In contrast to Bitcoin, the spot Ethereum ETFs saw a quiet day. According to SoSoValue data, the nine spot Ethereum ETFs in the U.S. recorded zero inflows on Oct. 7, after registering modest net inflows of $7.39 million on the previous trading day. Trading volume for these ETFs also shrank significantly, dropping to $118.43 million from $148.01 million on the prior day.

Ethereum’s (ETH) price also reflected the broader market downturn, falling 2.9% to $2,417 at the time of reporting, as investors remained cautious despite the surge in Bitcoin-related products.