In brief
- U.S. spot Bitcoin ETFs shed $137.9 million on Friday but ended the week up about $301 million, snapping a two-week losing streak.
- The funds remain down about $314 million for October, while Ethereum ETFs are down roughly $1.18 billion for the month.
- Bitcoin slipped 1.1% to about $80,490, and Myriad traders raised the odds of a drop to $77,500 this month to 43%.
Bitcoin ETFs ended a choppy week in the green, but only just.
U.S. spot Bitcoin ETFs shed $137.9 million on Friday, according to Decrypt’s ETF tracker, their second straight day of outflows. The two-day slide totaled about $773.5 million, eating into a $1.07 billion inflow run from Monday through Wednesday.
Even so, the funds finished the week up roughly $301 million, snapping a two-week losing streak.
October, though typically a seasonally good month for Bitcoin holders, remains in the red. The funds briefly turned positive for the month midweek, but Thursday’s $635.6 million exit, the biggest of October, flipped them back. They’re now down about $314 million for the month. Cumulative net inflows stand at $57.6 billion, with $100.2 billion in total net assets.
Ethereum ETFs eked out a $4.4 million inflow on Friday but lost about $221 million on the week, leaving them down roughly $1.18 billion for October. Solana ETFs saw no net flows Friday after shedding $8.9 million Thursday, and they’re down about $68 million this month.
→Spot crypto ETFs hold the underlying asset, such as Bitcoin or Ethereum, and trade on stock exchanges like ordinary shares, giving investors exposure through a regular brokerage account. Bitcoin funds have drawn $57.6 billion in net inflows since debuting in January 2024, and Ethereum funds have taken in $12.7 billion since launching that July. Solana funds arrived late last year. Because issuers report flows daily and much of the money comes from institutions and financial advisers, the figures have become a closely watched gauge of investor sentiment.
Prices slid into the weekend. Bitcoin fell 1.1% over 24 hours to about $80,490 on Saturday and is down 1.2% on the week, according to CoinGecko.
Ethereum dropped 2.6% to roughly $2,344, Solana fell 2.8% to about $101, and total crypto market cap slipped 1.2% to $2.79 trillion. The weakness follows a midweek selloff in global markets, when oil climbed above $111 a barrel and AI stocks slid.
Traders on Myriad, a prediction market developed by Decrypt’s parent company Dastan, have grown more bearish on Bitcoin’s October finish. They now give Bitcoin a 43% chance of dropping to $77,500 before the month ends, up from 32% a day earlier, and an 18% chance of falling to $75,000.
The odds of Bitcoin topping $87,500 have fallen to 10% from 17%. Solana bulls barely edge out bears, with 51.6% odds of reaching $160 before $40, down from 54.9%. Ethereum’s odds of hitting $3,000 before $1,500 held at 61.3%.
The week opened on a brighter note, after J.P. Morgan Asset Management projected 10% annual returns for Bitcoin over the next decade, but Bitcoin has since settled into what analysts have described as a “wait-and-see” mode.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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