Bitcoin ETFs Surge with Over $235M Inflows, Fueling Market Optimism

Bitcoin ETFs kicked off the week with a surge, drawing in over $235 million on a single day in October.

Fidelity’s FBTC led the charge with $104 million in inflows, closely followed by BlackRock’s IBIT, which attracted $98 million, according to data from Farside.

Bitcoin, which had reclaimed the $64,000 mark on Monday, has since pulled back slightly.

Bitcoin ETFs have been a key driver of optimism in the market this year, with investors closely monitoring their progress.

Despite a sluggish start to the month, including $242 million in outflows on Oct. 1 and three consecutive days of negative flows, analytics firm CryptoQuant has suggested that renewed interest in these products could send Bitcoin’s price significantly higher.

Robbie Mitchnick, BlackRock’s head of digital assets, recently remarked that he considers Bitcoin a risk-off asset, countering the widespread belief that it moves in sync with the stock market.