With a total cumulative inflow of $61.98 billion and daily net inflows of $90.6 billion, Bitcoin ETFs experienced a phenomenal boom, as on-chain data published on Friday showed daily net inflows of $90.6 billion and cumulative inflows of $61.98 billion.
All twelve Bitcoin ETF products experienced zero outflows, indicating that investor confidence in the market has returned following the recent turbulence. The iShares Bitcoin ETF, iBitcoin (IBIT) by BlackRock, recorded the highest single-day inflows of $32.68 million and cumulative inflows of $65.306 billion.
Close behind its Bitcoin ETF, with $57.92 million in new inflows, was Fidelity, bringing its total to $12.597 billion. The rise in ETF trading is accompanied by the recovery of the Bitcoin price following a turbulent trading season. Bitcoin is currently trading at approximately 111,600, which is over 4.5 percent higher than it was within the last 7-day period.
Between October 13 and October 17, the outflows from Bitcoin ETFs totaled $ 1.23 billion, primarily due to the market crash on October 11, when the price of Bitcoin dropped to nearly $103,000, down from $121,000. The new inflows represent a seeming turnaround, indicating an increase in institutional trust as Bitcoin levels off.
Ether funds and ETFs persist in struggling
As Bitcoin ETFs recover, Ethereum-based funds continue to experience constant withdrawals. On-chain Ethereum ETFs had a total net outflow of 93.6 million. The total inflows in all ETFs represent $14.35 billion as of October 24. The Ethereum ETF by BlackRock experienced the largest single-day outflow of nearly $ 101 million.
There were no inflows into any Ethereum ETF over the three days, indicating that investors remain cautious. The price of Ethereum remains below the psychological level of $4,000, and at the current price of approximately $3,950, the coin has risen by only 1.7% over the past week. The comparison between the flows of Bitcoin and Ethereum funds highlights that the market is currently favoring Bitcoin exposure.
U.S. government shuts down, SEC decisions postponed
Due to inflows into Bitcoin ETFs, the Securities and Exchange Commission fell behind its time limits to approve three XRP ETFs and Cardano ETFs proposed by Grayscale. This is because the delay will result from decreased operations due to the current U.S. government shutdown, which began on October 1.
Andrew Jacobson, the General Counsel of Halliday and former Global Head of Legal at 21Shares, said that the ETF approvals are currently likely to be stalled until the government returns to its usual activities. He expects a wave of decisions after the shutdown is over, as the fall is a historically high time for ETF approvals.
Polymarket betting statistics indicate that only 7% of participants anticipate the shutdown to conclude before October 31. This notwithstanding, there is a high optimism over the possible Cardano ETF, with traders giving it a 77% chance of passing in 2025.
The new system introduced by the SEC, which reduces the approval cycles of spot crypto ETFs to 75 days, has generated hopes for a wider new wave of approvals in the forthcoming year. Analysts are forecasting that more than 100 new crypto ETFs will be introduced to the market within the next 12 months, as Bitcoin is seen as the apparent leader, with Ethereum and other altcoins attempting to restore investor confidence.
