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U.S. spot Bitcoin ETF saw a net inflow of $524.8 million on Wednesday, bringing the three-day consecutive capital inflow to approximately $1.07 billion, and turning October's capital turnover into a net inflow of about $460 million.
Ethereum ETF ended a five-day streak of net outflows, recording a net inflow of $14.9 million on Wednesday, but still has a cumulative net outflow of about $1.07 billion this month.
Bitcoin fell 2.4% to around $81,470, while trader Myriad believes the probability of it breaking through $87,500 within October is only 20%.
Bitcoin ETF buyers wiped out their October losses within three days of trading.
According to the ETF tracker of Decrypt, US spot Bitcoin ETF saw a net inflow of $524.8 million on Wednesday, extending the consecutive net inflows that began on Monday into the third trading day, with a total of about $1.07 billion over the three days.
This is enough to turn this month into a positive one. Previously, up until last Friday, these funds had seen a cumulative outflow of about $615 million. Now, in October, there has been a net inflow of about $460 million.
The $526.7 million inflow on Monday represented the best single-day performance for these funds since September 22, and all of it came from BlackRock’s IBIT. This rebound occurred after the funds had seen a total outflow of about $910 million in the preceding two weeks. Since its launch, the cumulative net inflow has reached $58.4 billion, with a total net asset value of $100.8 billion.
As buying interest returns, Wall Street once again expresses confidence in the long-term prospects of Bitcoin. JPMorgan Asset Management has for the first time provided a long-term forecast for this asset this week, anticipating a compound annual return of 10% for Bitcoin over the next 10 to 15 years, while also noting that its volatility is around 55%.
Meanwhile, Ethereum ETF has finally had a respite. On Wednesday, these funds saw a net inflow of $14.9 million, ending a streak of five consecutive days with a total outflow of approximately $389 million. However, they are still in the red in October, with a cumulative net outflow of about $1.07 billion so far this month. Since their inception, the cumulative net inflow has amounted to $12.8 billion.
The inflow of funds did not drive up prices. On Thursday, Bitcoin traded at around $81,470, a decrease of 2.4% within 24 hours, but still saw a 2% increase for the week. This stands in sharp contrast to Bitcoin's intraweek high of nearly $85,000 reached yesterday.
Ethereum fell by 2.6% to around $2,393, and the total market value of cryptocurrencies decreased by 2.9% to $2.84 trillion. Zcash had one of the largest declines among the top ten cryptocurrencies by market value, falling by 5.6%, but still rose by nearly 14% in the past seven days.
Traders in the prediction market Myriad, developed by Dastan (the parent company of Decrypt), do not bet on whether the market trend will break through.
Myriad Traders believe that the probability of Bitcoin breaking above $87,500 before the end of October is only 20%, and the probability of it reaching $90,000 is 9%. On the downside, they think there is a 35% chance that Bitcoin will fall to $77,500; last week, Bitcoin briefly fell below $80,000.
Ethereum's sentiment is even more optimistic. Myriad users believe that there is a 61.3% chance that ETH will rise to $3,000 before first falling to $1,500.
In terms of the catalytic factors that need attention, the next meeting of the Federal Reserve is scheduled for October 27th to 28th, and ongoing inflation once again brings the topic of further interest rate hikes to the forefront.
Disclaimer
The views and opinions expressed by the author are for reference only and do not constitute financial, investment, or other advice.
