Bitcoin ETFs surge ahead as Ether ETFs endure outflows to close the week

On-chain data on Friday showed that Bitcoin ETFs saw net inflows of $90.6 billion in a single day, with cumulative net inflows totaling $61.98 billion. Bitcoin ETFs didn’t record any outflows among the twelve BTC funds. 

On-chain data revealed that BlackRock’s iShares Bitcoin ETF (IBIT) recorded net single-day inflows of $32.68 million. IBIT also saw a historical net inflow of $65.306 billion.

Bitcoin ETFs surge after recent 1011 crypto crash

Fidelity’s BTC ETF recorded total inflows of $57.92 million. FBTC also saw its total net inflows reach a historical high of $12.597 billion. The increase in inflows in Bitcoin ETFs corresponds with BTC’s price regaining strength. At the time of publication, Bitcoin is trading at around $111,600, up more than 4.5% in the past seven days.

Bitcoin ETFs saw a staggering $1.23 billion of outflows within just four days, from October 13 to October 17. The rapid outflows stemmed from the October 11 crypto market crash that saw BTC’s price drop from a high of $121,000 to approximately $103,000.

Ethereum ETFs have struggled, recording a total net outflow of $93.6 million. As of October 24, ETH funds have seen cumulative total net inflows of $14.35 billion. BlackRock’s Ethereum ETF saw total outflows of nearly $101 million on Friday. No Ethereum-based ETFs recorded inflows, marking three consecutive days of outflows.

Ethereum’s price has also struggled to regain the $4,000 psychological level over the past three days. At the time of publication, ETH is trading around $3,950, up more than 1.7% in the past seven days.

SEC timeline for Cardano ETFs stalled by U.S. government shutdown

As BTC ETFs recorded inflows, the deadline for the Securities and Exchange Commission’s decision on three XRP ETFs and Grayscale’s Cardano ETF was set for this week. However, the SEC didn’t make any announcement about the funds despite the deadline passing this week.

Andrew Jacobson, general counsel at Halliday, explained that the SEC has been operating at reduced capacity ever since the U.S. Federal Government shutdown on October 1. The former global head of legal at 21Shares also believes that ETF approvals have been paused for the time being, but he expects a flurry of approvals once the shutdown ends.

Jacobson explained that fall is often the hottest season for ETFs, so things might move fast once the government is back up and running. According to the odds on the crypto betting platform Polymarket, bettors don’t expect the shutdown to end this month. Bettors on Polymarket give a 7% chance that the shutdown will end by October 31.

Cryptopolitan reported on Monday that Kevin Hassett, Director of the U.S. National Economic Council, stated that the shutdown could end this week. He revealed that the U.S. Senate was planning to hold its 11th vote to fund the government and end the shutdown.

The crypto market is still expecting a Cardano ETF this year, with Polymarket users pegging the odds of a Cardano ETF happening in 2025 at 77%. Cardano and other altcoin ETFs gained interest among the crypto community in September after the SEC significantly revamped its approval rules for crypto ETFs. The initiative reduced the approval threshold for spot crypto ETF approvals to 75 days from the usual 240 days.

The SEC also streamlined and simplified the path forward for crypto ETFs, provided that the underlying digital assets already trade futures on regulated U.S. exchanges. The changes prompted Bloomberg Intelligence ETF analyst James Seyffart to predict the approval of over 100 crypto ETFs in the next six to 12 months.

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