Bitcoin ETF buyers have erased October’s losses in three trading days.
U.S. spot Bitcoin ETFs took in $524.8 million on Wednesday, according to Decrypt ’s ETF tracker , stretching an inflow streak that began Monday to three sessions and roughly $1.07 billion.
That’s enough to flip the month positive. After shedding about $615 million through last Friday, the funds are now up roughly $460 million for October.
Monday’s $526.7 million haul, the funds’ best day since Sept. 22, came entirely from BlackRock’s IBIT. The rebound follows two weeks in which the funds lost about $910 million. Cumulative net inflows since launch stand at $58.4 billion, with total net assets at $100.8 billion.
The return of buyers coincides with a fresh vote of long-term confidence from Wall Street. J.P. Morgan Asset Management this week projected a 10% compound annual return for Bitcoin over the next 10 to 15 years in its first long-term forecast for the asset, while cautioning about 55% volatility.
Ethereum ETFs, meanwhile, finally caught a break. The funds took in $14.9 million on Wednesday, snapping a five-day outflow streak that drained about $389 million. They remain deep in the red for October, though, down roughly $1.07 billion so far. Cumulative net inflows stand at $12.8 billion.
The inflows haven’t lifted prices. Bitcoin traded at about $81,470 on Thursday, down 2.4% over 24 hours but still up 2% on the week. It marks a sharp turn after Bitcoin hit a weekly high near $85,000 just yesterday.
Ethereum fell 2.6% to roughly $2,393, and the total crypto market cap slipped 2.9% to $2.84 trillion. Zcash was among the hardest hit in the top 10, dropping 5.6%, though it remains up nearly 14% over seven days.
Traders on Myriad, a prediction market developed by Decrypt’s parent company Dastan, aren’t betting on a breakout.
Myriad traders give Bitcoin just a 20% chance of topping $87,500 before October ends and 9% odds of reaching $90,000. On the downside, they put the odds of a drop to $77,500 at 35% ; Bitcoin already briefly slipped below $80,000 last week.
Sentiment on Ethereum is brighter, with Myriad users giving ETH a 61.3% chance of pumping to $3,000 before dumping to $1,500.
In terms of catalysts to watch, the Federal Reserve next meets on Oct. 27-28, with persistent inflation keeping another rate hike on the table.
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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