Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…
U.S. spot Bitcoin exchange-traded funds (ETFs) continued their strong October run, recording $197.8 million in net inflows on October 9, according to data from SoSoValue.
The surge reflects renewed institutional interest in Bitcoin as the asset trades near record highs.
The latest inflows pushed cumulative totals for U.S. Bitcoin spot ETFs to $62.77 billion, with total net assets reaching $164.79 billion and daily trading volume climbing to $5.32 billion.
Bitcoin ETFs now represent roughly 6.8% of Bitcoin’s total market capitalization, showing their growing role in institutional portfolios.
BlackRock Dominates Bitcoin ETF Market as Ethereum Products Lose Momentum
BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows with $255.47 million, extending its dominance in the sector with total assets surpassing $97 billion.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $13.19 million in outflows, while Grayscale’s GBTC reported $45.55 million in withdrawals.
The renewed momentum for Bitcoin ETFs follows a string of strong inflow sessions this month. Earlier in the week, Bitcoin ETFs logged $1.19 billion in inflows on October 6, their highest daily total since July, with BlackRock accounting for more than 80% of that amount.
Bitcoin (BTC) itself has risen over 10% in October, peaking at $126,080 before pulling back to around $121,000 at press time, down 0.6% in the past 24 hours.
The growing inflows mark Bitcoin’s best month since the summer, with institutional investors driving demand as expectations of favorable regulatory developments and strong earnings season tailwinds build.
In contrast, Ethereum ETFs saw their eight-day inflow streak end on October 9, recording $8.7 million in outflows. The reversal came after consistent gains over the past week, during which Ethereum ETFs attracted more than $1.8 billion in cumulative inflows.
Total assets for Ethereum spot ETFs now stand at $29.9 billion, with a total trading volume of $2.34 billion.
BlackRock’s ETHA fund remained the top performer with $39.29 million in inflows, while Fidelity’s FETH led the outflows with $30.26 million. Other issuers, including Bitwise, VanEck, and 21Shares, also reported modest withdrawals.
Ethereum was trading at $4,352 at the time of reporting, down 2.3% on the day and 3.2% over the past week. Despite the short-term pullback, Ethereum remains about 12% below its August peak of $4,946.
Spot trading volumes for Ethereum stayed firm at $40.4 billion over the past 24 hours, a 9% rise from the previous day, while futures activity climbed 21.5% to $93.6 billion, suggesting continued trader engagement despite the pause in ETF inflows.
Bitcoin, Ethereum See Record Institutional Momentum as ETFs and Treasuries Expand
Bitcoin and Ethereum continued to show strong institutional momentum this year, driven by record ETF inflows and on-chain signals suggesting more upside ahead.
Bitcoin, which recently traded around $121,000, remains “ice cold” by one of its key valuation gauges, the Mayer Multiple. The indicator, which compares price to Bitcoin’s 200-week moving average, currently sits at 1.16, well below the 2.4 level typically viewed as overheated.
Analysts say that leaves room for prices to climb toward $180,000 before reaching historically “overbought” conditions. Despite sitting at all-time highs, on-chain metrics indicate a calmer and more sustained market than in past cycles.
Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) has become the firm’s most profitable exchange-traded fund, earning roughly $245 million in fees over the past year.
The spot Bitcoin ETF has amassed nearly $98 billion in assets since its launch 22 months ago, making it the fastest-growing ETF in history and positioning it to surpass Vanguard’s S&P 500 index fund (VOO) as the first to hit the $100 billion mark.
Institutional interest has also expanded to Ethereum. Treasury holdings and spot ETFs now collectively hold more than 12.4 million ETH, or about 10% of the total supply.
Treasury allocations account for 5.6 million ETH, while ETFs hold another 6.8 million ETH, showing Ethereum’s rising status as a mainstream institutional asset alongside Bitcoin.
