October Bitcoin ETF Flows Turn Positive with $137M Wednesday Injection
A three-day influx totaling $424 million into Bitcoin ETFs has reversed October's negative trend, bringing monthly net flows to $111 million even as the Federal Reserve maintains its hawkish stance and cryptocurrency market sentiment weakens.
Spot Bitcoin exchange-traded funds listed in the United States maintained their momentum for a third consecutive day on Wednesday, successfully returning October's cumulative flows to positive ground with just two trading days remaining in the month.
Wednesday saw Bitcoin (BTC) ETFs capture $137 million in fresh capital, elevating the three-day accumulation to approximately $424 million and pushing October's aggregate net inflows to $111 million, based on data compiled by SoSoValue.
The month's total net flows had lingered in negative territory until Tuesday's close, following substantial outflows exceeding $774 million during the last two trading sessions of the preceding week.
This resurgence in Bitcoin ETF investment activity happened alongside the US Federal Reserve's decision to maintain its benchmark interest rate steady at a target range of 3.75% to 4% on Wednesday. Federal Reserve Chair Kevin Warsh cautioned that inflation continued to exceed the central bank's 2% objective.
With limited new direction from the Fed, Bitcoin's near-term performance may depend more heavily on Treasury yields, dollar movements and broader risk sentiment.
Bitget analyst Lewis Huang
At the time of publication, Bitcoin was changing hands at $79,848, reflecting a decline of approximately 1% during the preceding 24 hours, based on CoinGecko pricing data. The overall market mood showed no variation, with the Crypto Fear & Greed Index remaining stationary at 51, indicating a "Neutral" position for the second day in succession.
In contrast, Ether (ETH) ETFs maintained their pattern of capital outflows, losing an additional $21 million on Wednesday and pushing the month's total net outflows to $1.35 billion. Ether was trading at $2,310, registering a 1.7% decrease over the past 24 hours.