The crypto market experienced a shift on Monday, with U.S. spot Bitcoin ETFs witnessing a substantial inflow of funds, totaling $235.19 million. This marked a significant change from the previous week, where net outflows were observed.
Fidelity’s FBTC took the lead with an inflow of $103.68 million, followed closely by BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, with $97.88 million. Other notable inflows came from Bitwise’s BITB ($13.09 million), Ark and 21Shares’ ARKB ($12.63 million), VanEck’s HODL ($5.37 million), and Invesco’s BTCO ($2.53 million).
Despite the positive inflows, the combined trading volume for these ETFs reached $1.22 billion, a slight increase from previous days. In contrast, U.S. spot Ethereum ETFs did not see any inflows on Monday, following mixed results last week.
Bitcoin’s price dipped 1.4% to $62,457, while Ethereum fell 1.3% to $2,442. While Bitcoin’s price struggled with a key moving average, MicroStrategy MSTR surged to a six-month high. This volatility mirrored the broader stock market, with the S&P 500 and Nasdaq experiencing declines of over 1% during the afternoon session. The volatility index VIX also spiked 19%, reaching its highest level in a month.
Analysts at QCP Capital stated in a note that Bitcoin’s ‘Uptober’ “seems to be back on track.” They highlighted macroeconomic factors helping Bitcoin to stay above the $60,000 mark, but cautioned that Thursday’s CPI will be a key data point to determine a near-term price trend.
