From Decrypt · By Decrypt Staff
In brief
U.S. spot Bitcoin ETFs took in $524.8 million on Wednesday, bringing a three-day inflow streak to about $1.07 billion and flipping October positive by roughly $460 million.
Ethereum ETFs snapped a five-day outflow streak with a $14.9 million inflow but remain down about $1.07 billion for the month.
Bitcoin fell 2.4% to about $81,470, and Myriad traders give it only a 20% chance of topping $87,500 in October.
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.
Myriad: How high will Bitcoin go? Click to make your prediction.
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$81,287−1.4%Oct 15Oct 17Oct 19Oct 20Oct 22$84.8k$83.5k$82.2k$80.9k24h HighHigh$84,78924h LowLow$81,331VolVol$1.8BMarket projectionsOdds by MyriadTodayBelow $82,000Below $82k70% chanceThis weekBelow $82,000Below $82k63% chance→Buy Bitcoin with USDTPowered by JupiterPrice 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: Where does Ethereum go next? Click to make your prediction.