Bitcoin spot exchange-traded funds (ETFs) experienced modest inflows on October 23, while Ethereum products saw significant losses, reflecting a turbulent reaction in global markets to escalating U.S.–China trade tensions and the anticipation of new U.S. inflation data. Data from SoSoValue indicated that Bitcoin spot ETFs attracted a total net inflow of $20.33 million, contrasting sharply with Ethereum ETFs, which faced net outflows totaling $127.47 million.
The inflow of capital into Bitcoin ETFs was spearheaded by BlackRock’s iShares Bitcoin Trust (IBIT), which brought in $107.78 million. Following IBIT, Bitwise’s BITB recorded inflows of $17.41 million, while Fidelity’s FBTC attracted $7.22 million. However, Grayscale’s GBTC experienced a substantial outflow of $60.49 million, marking the largest daily withdrawal among Bitcoin funds.
Currently, the total net asset value of all U.S.-listed Bitcoin spot ETFs stands at approximately $149.43 billion, which accounts for 6.84% of Bitcoin’s total market capitalization. Cumulative net inflows since the ETFs’ approval have reached $61.89 billion. BlackRock remains the dominant player in the Bitcoin ETF sector with $88.87 billion in net assets under management, followed by Fidelity at $22.72 billion and Grayscale’s GBTC at $18.98 billion. Despite GBTC’s outflows, Bitcoin ETFs overall saw a weekly net inflow of $355.76 million, showcasing continued investor interest amid ongoing macroeconomic volatility.
In stark contrast, Ethereum ETFs extended their losing streak, with Fidelity’s FETH leading the withdrawals, recording outflows of $77.04 million. BlackRock’s ETHA saw a decline of $23.31 million in assets, while other providers like Bitwise and VanEck also recorded losses. Collectively, Ethereum spot ETFs now possess net assets worth $26.02 billion, which is about 5.63% of Ethereum’s total market value. Despite continuing positive cumulative inflows amounting to $14.45 billion, recent data indicate net outflows of $150.31 million for the week.
This shift from Ethereum to Bitcoin ETFs is occurring against a backdrop of heightened geopolitical tensions and uncertainty regarding U.S. monetary policy. Former President Donald Trump has reignited trade tensions by threatening to impose tariffs as high as 155% on Chinese imports starting November 1 unless a new trade agreement is reached. His statements, made during a meeting with Australia’s Prime Minister, have unsettled financial markets, causing investors to gravitate towards safer assets such as Bitcoin.
The potential fallout from these tensions includes ongoing economic ramifications. The White House confirmed upcoming discussions between U.S. officials and their Chinese counterparts in an effort to prevent further escalation ahead of Trump’s anticipated meeting with President Xi Jinping at the APEC summit. This situation is compounded by market anticipation for the delayed U.S. Consumer Price Index (CPI) report, which is expected to indicate that inflation has risen to 3.1% year-over-year, potentially impacting monetary policy outlooks.
Bitcoin remained steady around $111,300 but trails slightly below its monthly open, risking a negative “Uptober” trend. Historically, October has been a bullish month for Bitcoin, but this year is shaping up to be less favorable, prompting speculation about next month’s performance, colloquially termed “MOONVEMBER.”
Conversely, Ethereum was trading around $3,957, down 6.5% since October began, although on-chain and technical indicators suggest a possible price rebound. Indicators show Ether forming a “triple bottom” pattern near the $3,750 to $3,800 zone, indicating strong buying support. A decisive move above the $4,000 mark could confirm a reversal trend, with potential upward movement towards $4,280 anticipated in the near term. Notably, data from Glassnode suggests increased accumulation among large holders of Ethereum during this turbulent period.
