Bitcoin ETFs Erase October Losses With $1 Billion in Three Days

Bitcoin ETF buyers have erased October’s losses in three trading days.

U.S. spot Bitcoin ETFs took in $524.8 million on Wednesday, according to Decrypt’s ETF tracker, stretching an inflow streak that began Monday to three sessions and roughly $1.07 billion.

That’s enough to flip the month positive. After shedding about $615 million through last Friday, the funds are now up roughly $460 million for October.

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.

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.

BitcoinBTC · USD

$81,348−1.32%

Oct 15Oct 17Oct 19Oct 20Oct 22

$84.8k$83.5k$82.2k$80.9k

24h HighHigh$84,789

24h LowLow$81,081

VolVol$1.8B

Market projectionsOdds by Myriad

Today$80,000 to $82,000$80k–$82k50% chanceThis weekBelow $82,000Below $82k63% chance

→

Buy Bitcoin with USDT

Powered by Jupiter

Price data by CoinGeckoCoinGeckoMore Bitcoin news and projections →

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%; Bitcoin already briefly slipped below $80,000 last week.

Sentiment on Ethereum is brighter, with Myriad users giving ETH a 61.3% chance of pumping to $3,000 before dumping to $1,500.