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BTC U.S. spot bitcoin ETFs experience a week of volatility
From September 28 to October 2, the U.S. spot bitcoin exchange-traded funds (ETF) market experienced violent fluctuations. As Bitcoin officially entered the fourth quarter, institutional demand first cooled briefly and then rebounded rapidly.
Review of capital flows
At the beginning of the week, the Bitcoin ETF recorded a net inflow of US$31 million on September 28, and another US$66.2 million the next day (September 29). However, this positive trend was broken on September 30, when the overall ETF suffered a net outflow of US$148.7 million that day. Among them, Fidelity's FBTC fund withdrew as much as US$125.6 million; BlackRock's IBIT fund lost US$9.5 million; and Bitwise's BitB fund dropped US$13.6 million.
Demand returned on October 1, with capital inflows of US$102.7 million that day. BlackRock dominated the deal, with its IBIT products attracting $195.6 million in funding. This huge inflow effectively offset redemption pressure from other competing products, including a $60.7 million outflow from FBTC and a $31.4 million outflow from Grayscale's GBTC.
Bitcoin prices rebound
Affected by slowing demand for ETFs, Bitcoin's initial performance was under pressure. BTC opened at about US$84,500 on September 28, fell to an intraday low of about US$82,600, and finally closed around US$83,500. Throughout September 30, cryptocurrency prices remained at around $83,500 and did not begin to recover until early October.
On Friday, October 2, BTC briefly broke through the US$87,000 mark. The rise is related to rising expectations that the Federal Reserve may adopt a more patient approach on interest rate policy. Although Bitcoin gave up most of its gains before the end of the trading day, the rebound was strong over the weekend.
Bitcoin prices stayed above US$84,000 on Saturday; they rose strongly on Sunday, hitting an intraday high of about US$86,770 and finally closing at around US$86,480. Despite the sharp fluctuations in capital flows and mid-week selling pressure during the period, as of the weekend, BTC still rose by approximately 2.7% from its opening price on September 28.
