TLDR
- Bitcoin ETFs posted $20.3 million in inflows on October 23, signaling renewed investor confidence.
- BlackRock’s iShares Bitcoin Trust (IBIT) led with $107.8 million in net inflows.
- Grayscale’s GBTC and Ark 21Shares’ ARKB saw significant outflows of $60.5 million and $55 million, respectively.
- Ethereum ETFs continued to face outflows, with a combined $127.5 million in redemptions.
- Bitcoin’s price rose above $110,000, with a target of $115,800 as the next resistance zone.
Investor attention has shifted back to Bitcoin ETFs as market flows and price action show renewed strength. On October 23, Bitcoin ETFs posted moderate inflows of $20.3 million. This follows a $101.3 million outflow the previous day and a substantial $477 million inflow on October 21. The week’s volatility highlights the fluctuating sentiment of investors.
BlackRock’s IBIT Leads Bitcoin ETF Inflows
Among issuers, BlackRock’s iShares Bitcoin Trust (IBIT) experienced the most significant inflows, totaling $107.8 million. Following closely was Fidelity’s FBTC with $7.2 million and Bitwise’s BITB with $17.4 million. These inflows indicate a strong recovery, even amid overall mixed performance.
However, some Bitcoin ETFs faced significant redemptions. Grayscale’s GBTC saw $60.5 million in outflows, while Ark 21Shares’ ARKB lost $55 million. The shift from inflows to outflows demonstrates varied investor sentiment across Bitcoin ETFs.
The recovery of Bitcoin ETFs corresponds with Bitcoin’s price regaining strength. Bitcoin’s price has risen above $110,000, reinforcing the market’s bullish outlook. A consistent flow of inflows would provide further confirmation of investor confidence in Bitcoin ETFs.
In contrast, Ethereum ETFs continue to struggle. Ethereum-based ETFs saw a combined $127.5 million in outflows on October 23. No Ethereum ETF recorded inflows, marking a continued trend of redemptions over the week.
Investors remain hesitant to re-enter the Ethereum market amid subdued trading volumes. While Bitcoin ETFs show strength, Ethereum ETFs have struggled to capture investor interest. The continued outflows suggest that Ethereum’s market is not yet poised for a recovery.
Bitcoin’s Price Action Points to $115K
Bitcoin price has also regained ground in the market, trading around $111,203. The cryptocurrency’s price recently reached a weekly high near $113,940 before facing rejection. It has now stabilized above the $110,000 mark, suggesting further upward potential.
A break above $112,000 could open the path for Bitcoin to reach $115,800. This would represent the next resistance zone. Bitcoin’s rising RSI from oversold levels further supports the case for bullish momentum.
Despite recent price gains, Bitcoin remains vulnerable to a potential pullback. A failure to hold above $110,000 could lead to a retreat towards $105,000 or $100,000. Nonetheless, the ongoing price action suggests that Bitcoin is poised for further strength if market conditions remain favorable.
