U.S. spot Bitcoin ETF buyers erased October's losses in three trading days, with the funds now up roughly $460 million for the month. Ethereum ETFs snapped a five-day outflow streak but remain down for October, and Bitcoin's price slipped despite the inflows.
U.S. spot Bitcoin ETFs took in $524.8 million on Wednesday, stretching an inflow streak that began Monday to three sessions and roughly $1.07 billion.
That flipped the month positive. After shedding about $615 million through last Friday, the funds are up roughly $460 million for October.
Monday's inflow came entirely from IBIT
Monday's $526.7 million haul, the funds' best day since Sept. 22, came entirely from BlackRock's IBIT. The rebound follows two weeks in which the funds lost about $910 million. Cumulative net inflows since launch stand at $58.4 billion, with total net assets at $100.8 billion.
Meanwhile, J.P. Morgan Asset Management 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, for their part, took in $14.9 million on Wednesday, snapping a five-day outflow streak that drained about $389 million. They are still down roughly $1.07 billion for October.
Bitcoin falls 2.4% as inflows fail to lift prices
The inflows have not lifted prices. Bitcoin traded at about $81,470 on Thursday, down 2.4% over 24 hours but still up 2% on the week, after hitting a weekly high near $85,000 the day before.
Ethereum fell 2.6% to roughly $2,393, and the total crypto market cap slipped 2.9% to $2.84 trillion.
Traders on Myriad, a prediction market developed by Decrypt's parent company Dastan, are not betting on a breakout. They give Bitcoin just a 20% chance of topping $87,500 before October ends, and put the odds of a drop to $77,500 at 35%.
The Federal Reserve next meets on Oct. 27-28, with persistent inflation keeping another rate hike on the table.
Source: Decrypt
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