Bitcoin ETFs Pull In $118.8M as Ethereum Suffers Biggest Outflow in Weeks

US spot Bitcoin and Ethereum exchange-traded funds moved in sharply different directions during the latest trading session. Bitcoin products returned to net inflows while Ethereum ETFs suffered their largest withdrawal in weeks.

Spot Bitcoin ETFs recorded $118.8 million in net inflows on Oct. 6, and reversed the $89.8 million in outflows recorded during the previous session.

Bitcoin ETF flows (Source: Farside Investors)

BlackRock's IBIT was responsible for virtually all of the buying, and attracted $122 million. Morgan Stanley's MSBT added another $7.8 million, while Grayscale's BTC fund recorded $11 million in withdrawals. The remaining funds reported no flows.

The return of positive ETF flows came despite weakness in BTC itself. Bitcoin traded around the mid-$85,000 range during most of Oct. 6 before coming under pressure on Oct. 7. BTC has fallen below $85,000, with the cryptocurrency down roughly 2.07% at press time.

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The broader crypto market has also faced pressure from rising oil prices, elevated US Treasury yields, a stronger dollar and liquidations of leveraged long positions.

Ethereum ETF Outflows Accelerate

Ethereum ETFs painted a much weaker picture. The funds suffered $201.9 million in net outflows on Oct. 6, which was their sixth consecutive session of withdrawals and their biggest daily outflow in weeks.

ETH ETF flows (Source: Farside Investors)

The entire withdrawal came from BlackRock's ETHA, which shed $201.9 million, while the other Ethereum ETFs recorded no flows during the session.

That extends a difficult stretch for Ethereum investment products. Over the latest seven-day period, spot ETH ETFs have now recorded approximately $405 million in net outflows. By comparison, Bitcoin ETFs are still up by around $173 million over the same period.

ETH has struggled alongside the ETF withdrawals. Ethereum traded above $2,700 during Oct. 6 before sliding.

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Overall, Bitcoin ETFs managed to attract fresh capital despite falling crypto prices, while Ethereum's persistent ETF withdrawals suggest investors are considerably more cautious toward ETH.