Bitcoin ETFs Erase October Losses With $1 Billion in Three Days
U.S. spot Bitcoin ETFs attracted $524.8 million in a single day on Wednesday, extending a three-day inflow streak to about $1.07 billion and flipping the October performance positive by roughly $460 million.
The funds' best day since September 22 came on Monday with a $526.7 million haul, entirely from BlackRock’s IBIT. This rebound follows a two-week period where the funds lost about $910 million. Cumulative net inflows since launch stand at $58.4 billion, with total net assets at $100.8 billion.
The return of buyers coincides with a fresh vote of long-term confidence from Wall Street. J.P. Morgan Asset Management this week projected a 10% compound annual return for Bitcoin over the next 10 to 15 years in its first long-term forecast for the asset, while cautioning about 55% volatility.
Ethereum ETFs, meanwhile, finally caught a break. The funds took in $14.9 million on Wednesday, snapping a five-day outflow streak that drained about $389 million. They remain deep in the red for October, though, down roughly $1.07 billion so far. Cumulative net inflows stand at $12.8 billion.
Price action and market sentiment
The inflows haven’t lifted prices. Bitcoin traded at about $81,470 on Thursday, down 2.4% over 24 hours but still up 2% on the week. It marks a sharp turn after Bitcoin hit a weekly high near $85,000 just yesterday.
Ethereum fell 2.6% to roughly $2,393, and the total crypto market cap slipped 2.9% to $2.84 trillion. Zcash was among the hardest hit in the top 10, dropping 5.6%, though it remains up nearly 14% over seven days.
Traders on Myriad, a prediction market developed by Decrypt’s parent company Dastan, aren’t betting on a breakout. Myriad traders give Bitcoin just a 20% chance of topping $87,500 before October ends and 9% odds of reaching $90,000. On the downside, they put the odds of a drop to $77,500 at 35%.
Sentiment on Ethereum is brighter, with Myriad users giving ETH a 61.3% chance of pumping to $3,000 before dumping to $1,500.
Next steps and catalysts
In terms of catalysts to watch, the Federal Reserve next meets on Oct. 27-28, with persistent inflation keeping another rate hike on the table. The market will be watching for any signals that could impact risk assets like Bitcoin and Ethereum.
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