• The exchange-traded funds for spot Bitcoin and Ethereum saw inflows of over 600 million dollars and 300 million dollars.

  • This represents a reversal of September's inflows and indicates a potential shift in the market.

  • The new capital for the exchange-traded fund could stimulate a new rise for Bitcoin and Ethereum.

More than $600 million flowed into spot Bitcoin ETFs in the United States on Thursday, and Ethereum ETFs also achieved inflows exceeding $300 million.

This trend represents a sharp reversal from the outflows seen in September. With the price $BTC recovering to $120,000 for the first time in a month and a half, many are watching to see if this new capital for ETFs can fuel a sustainable rise.

Bitcoin exceeds $120,000 as inflows to spot ETFs renew

According to data from Farside Investors, spot Bitcoin ETFs in the United States recorded a net inflow of $627 million on Thursday. IBIT from BlackRock led the way with $464 million, followed by FBTC from Fidelity with $89.6 million. Ethereum ETFs also saw strong inflows, with ETHA from BlackRock leading at $177 million, followed by Fidelity ($60.7 million) and Bitwise ($46.5 million).

This marks the fourth consecutive day of inflows for spot Bitcoin ETFs and spot Ethereum ETFs.

A reversal in fortunes

Consecutive inflows have changed the sentiment in the ETF market. Spot Bitcoin ETFs in the United States had previously recorded continuous outflows in the third and fourth weeks of September, with more than 16,000 Bitcoin leaving the funds.

However, the trend reversed on September 30 with a net inflow of 3,200 Bitcoin, indicating a potential shift in market sentiment.

Bitcoin: net inflows to spot ETFs in the United States. Source: Glassnode

For spot Ethereum ETFs, the reversal is still in its early stages. In August, Ethereum ETFs saw a net inflow of $3.87 billion, which was a major driver behind the asset's price increase of 18.5% month-over-month. However, in September, net inflows dropped to only $285.74 million, leading to a price decline of 5.62% month-over-month.

Inflows of Ethereum ETFs. Source: Farside Investors

Even during the cryptocurrency surge in late September, ETFs in $ETH did not achieve the desired performance. While they maintained net inflows for three consecutive business days last week, the total inflow was less than $100 million—a figure far from positive. However, the inflow on Thursday that exceeded $300 million in a single day is a more hopeful sign.

With the recovery of ETF inflows, many are waiting to see if Bitcoin and Ethereum can regain their upward momentum. At the time of this report, Bitcoin is trading at $119,903, and Ethereum at $4,474.

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