Bitcoin and Ether ETFs experienced a significant turnaround, with nearly $1 billion in inflows in a single day.
The interest of investors in crypto funds had revived, although the process of approving new products slowed amid the budget stalemate in Washington. This was accompanied by a rise in the prices of Bitcoin and Ether, which boosted the total crypto market value to over $4.1 trillion.
Bitcoin ETFs lead with $627 million
On October 2, the fourth day of gains, Bitcoin ETFs received net inflows of $627 million. The iShares Bitcoin Trust, managed by BlackRock, was the first to take off, raising $466.5 million, which brought its total inflows since inception to $61.8 billion. FBTC of Fidelity came in with 89.6 million, and ARKB of Ark received 45.18 million. BITB at Bitwise recorded $11.17 million, and the Grayscale BTC fund and GBTC fund received $10.1 million and $2.85 million, respectively.
The total assets that Bitcoin ETFs now control are worth approximately $161 billion, which is about 6.7% of the overall Bitcoin market capitalization. The year-to-date inflows are $22.8 billion, and the cumulative inflows since inception are $ 58.4 billion. The price of Bitcoin has increased more than 10% in the last week, standing at almost $120,460 with a 24-hour trade volume of 72.4 billion.
Bitcoin ETFs inflow. Source: SoSoValue Data
Ethereum ETFs gain $307 million
Ether ETFs also recorded solid demand, with net inflows totaling $307 million on October 2nd. This was their 4th consecutive day of positive flows. The BlackRock ETHA fund experienced the highest inflow of funds, at $177 million, and Fidelity at $60 million. Bitwise increased the count by ETHW to the tune of $46.4 million.
The price of Ethereum has increased by over 15% in the last seven days and is currently at $ 4,532. Its 24-hour trading volume rose by 3% to 46 billion. The investor mood has also improved, particularly as speculation grows on the possibility of new Ethereum-based products. The most recent filing by VanEck was for a Lido Staked Ethereum ETF under Delaware trust law, marking the initial move toward potential SEC approval.
SEC shutdown stalls altcoin ETF rollout
Although Bitcoin and Ethereum funds have strong momentum, the expansion of crypto ETFs is broadly delayed due to the SEC’s ongoing closure. The regulator affirmed that it would neither review nor approve new products during the shutdown. This has put dozens of applications on hold, including those associated with Solana, XRP, and Dogecoin.
The timeline has been changed, and analysts expected Solana ETFs to gain clearance this month. According to Nate Geraci, the president of ETF Store, the approval process is no longer particular. Eric Balchunas of Bloomberg, who has termed the present day a “crypto ETF approval season,” explained that issuers will have to wait until regulators resume operations.
