Highlights:
Spot Bitcoin ETFs grew strongly this week as big investors showed fresh interest. Data from SoSoValue showed $446 million in net inflows, which shows rising trust after a few mixed weeks. On Friday alone, another $90.6 million was added to these funds.
BlackRock’s iShares Bitcoin Trust (IBIT) continued to lead with $32.68 million in daily inflows, followed by Fidelity’s FBTC with $57.92 million. IBIT now holds $89.17 billion in assets, while FBTC manages $22.84 billion. Together, they account for a major portion of the market, pushing total Bitcoin ETF assets to $149.96 billion, or 6.78% of Bitcoin’s total market value. Cumulative inflows across all spot Bitcoin ETFs have reached $61.98 billion.
Ether-focused ETFs, in contrast, witnessed sustained selling pressure. The SoSoValue data shows two straight weeks of redemptions, totaling $243.9 million for the week ending Friday. This followed the previous week’s $311 million in withdrawals, which reflected cooling sentiment among investors.
On Friday, Ether funds lost $93.6 million. BlackRock’s Ethereum ETF (ETHA) had $100.99 million in outflows. Grayscale’s Ethereum Trust (ETHE) and Bitwise’s Ethereum Fund (ETHW) saw small inflows. Despite this, Ethereum spot ETFs still hold $14.35 billion in inflows and $26.39 billion in assets. That’s about 5.55% of Ethereum’s market value.
Besides this, the overall altcoin trend remains weak compared to Bitcoin. 10x Research said about $800 billion has shifted from altcoins to Bitcoin and crypto treasuries. The firm noted that investors have lost confidence in smaller tokens as liquidity and momentum faded. This move began two weeks before the $19 billion altcoin crash on October 11, which showed Bitcoin’s stronger position as traders turned to safer digital assets.
Ethereum’s price is still under pressure due to outflows. It has not crossed $4,000 in the past three days. Right now, Ethereum trades near $3,931, up 0.31% in the last week, showing a small recovery.
While Bitcoin ETFs show strength, uncertainty surrounds altcoin ETFs. The Securities and Exchange Commission (SEC) missed its deadline this week for decisions on three XRP ETFs and Grayscale’s Cardano ETF. Andrew Jacobson, general counsel at Halliday, explained that the SEC has been operating with limited staff since the U.S. Federal Government shutdown began on October 1.
Jacobson said approvals are on hold for now. They may start again once the government reopens. He said fall usually brings more ETF activity. Decisions could come soon after operations restart. Polymarket shows only a 7% chance that the shutdown will end by October 31. More delays are expected.
The SEC recently shortened the approval period for spot crypto ETFs to 75 days, down from 240. Bloomberg Intelligence analyst James Seyffart expects over 100 crypto ETF approvals in the next six to twelve months under these relaxed rules, once normal operations resume.
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