Bitcoin ETFs attract $1.07 billion in three days, reversing October losses

U.S. spot Bitcoin ETFs attracted about $1.07 billion across three trading sessions, reversing October's net withdrawals. Decrypt's ETF tracker recorded $524.8 million in inflows on Wednesday, extending a run of inflows that started Monday. The funds now have roughly $460 million in October net inflows after recording about $615 million in net withdrawals through last Friday.

Monday brought $526.7 million in inflows, the strongest daily result since September 22. BlackRock's IBIT accounted for all of Monday's inflows. The recovery followed two weeks of withdrawals totaling about $910 million. Bitcoin ETFs have accumulated $58.4 billion in net inflows since launch. The funds hold total net assets of $100.8 billion.

J.P. Morgan Asset Management this week issued the firm's first long-term Bitcoin forecast, projecting a 10% compound annual return over the next 10 to 15 years. However, J.P. Morgan Asset Management cautioned that Bitcoin's volatility would be about 55%.

Ethereum ETFs received $14.9 million on Wednesday, ending five consecutive sessions of withdrawals that totaled about $389 million. However, Ethereum ETFs still have roughly $1.07 billion in net outflows for October so far. Ethereum ETFs have accumulated $12.8 billion in net inflows since launch.

The ETF inflows have not increased cryptocurrency prices. Bitcoin traded near $81,470 on Thursday after declining 2.4% over 24 hours. However, Bitcoin remained 2% higher over the week. Bitcoin had reached a weekly high near $85,000 just yesterday. Ethereum declined 2.6% to roughly $2,393. Total cryptocurrency market capitalization fell 2.9% to $2.84 trillion. Zcash was among the largest decliners within the top 10, falling 5.6%. However, Zcash remained nearly 14% higher over seven days.

Myriad traders assign a 20% probability to Bitcoin exceeding $87,500 before October ends. Myriad traders assign a 9% probability to Bitcoin reaching $90,000. Myriad traders put the probability of Bitcoin falling to $77,500 at 35%. Bitcoin briefly traded below $80,000 last week. Myriad users assign Ethereum a 61.3% probability of reaching $3,000 before falling to $1,500. Dastan, Decrypt's parent company, developed the prediction market Myriad.

The Federal Reserve's next meeting is scheduled for October 27-28. Persistent inflation means another interest-rate increase remains possible.