CMC News

$BTC ETFs Record $3.24B Weekly Inflows as Uptober Begins

U.S. spot $BTC ETFs rebounded with $3.24 billion in weekly inflows, marking their second-best performance since launching in January 2024. The surge follows the previous week's $902 million in outflows, creating a $4.14 billion week-over-week swing.

#BlackRock's IBIT captured $1.8 billion of total inflows, maintaining its position as the industry-leading fund. With $96.2 billion in assets under management, IBIT dominates both inflows and trading volume among #Bitcoin ETF products.

Fidelity's FBTC secured $692 million in inflows, representing approximately 38% of BlackRock's total. IBIT traded several billion dollars in shares daily throughout the week, while FBTC peaked at $715 million in daily volume.

The inflow surge coincides with $BTC retesting its all-time high near $124,000 achieved in August. October historically represents a strong month for the cryptocurrency, with the U.S. government #shutdown potentially contributing additional momentum to the rally.

Spot #Ethereum ETFs saw $1.3 billion in inflows, marking a significant rebound. This represents a $2.1 billion reversal from the previous week's record outflows since inception, the highest withdrawal period for these products.

Trading volume surged across Ethereum products, with $12.22 billion in shares traded Friday alone. This single-day figure represented roughly 62% of the entire previous week's ETH ETF volume.

BlackRock's ETHA ETF dominated with approximately two-thirds of total weekly volume. The fund captured $691.7 million in inflows as institutional interest in Ethereum products strengthened.

Analysts view #ETF inflows as a key sentiment indicator for the crypto market. Iliya Kalchev from Nexo noted that four-week inflows approaching $4 billion could retire over 100,000 $BTC from circulation at current rates, more than double new issuance.