On October 4, Bitcoin exchange-traded funds (ETFs) in the US recorded their first inflow of the month, rebounding from significant outflows totaling $400 million in the first three trading days. This positive uptick coincided with the release of an important upgrade to Bitcoin Core, the software that supports the leading cryptocurrency.
According to SoSoValue data, Bitwise's Bitcoin ETF (BITB) led the inflows with a positive net flow of $15.3 million, followed closely by Fidelity's FBTC with $13.6 million. Ark 21Shares' ARKB and VanEck's HODL each recorded inflows of $5.3 million.
In contrast, Grayscale's GBTC reported outflows of $13.9 million during this period. Other issuers like BlackRock's iShares Bitcoin Trust (IBIT) and Franklin Templeton Bitcoin ETF (EZBC) had no inflows.
Despite a turbulent start to October for Bitcoin, with prices briefly dipping below $60,000 before recovering to around $62,000 amid geopolitical tensions in the Middle East, market observers maintain a positive outlook for Bitcoin in the fourth quarter. Analysts cite strong macroeconomic support and rising institutional investments as key factors driving optimism.
Bitcoin ETFs have experienced fluctuating flows recently, highlighting the dynamic nature of the cryptocurrency market. SoSoValue data indicates that IBIT remains the leading Bitcoin ETF, with over $21 billion in cumulative net inflows.