USA Spot Bitcoin ETFs Record Net Inflow of $25.6M on October 4, Led by Bitwise and Fidelity

On October 4, U.S. spot Bitcoin ETFs witnessed a significant net inflow of $25.6 million, according to data from Farside Investors. The inflows were driven primarily by Bitwise’s BITB, which recorded the largest inflow of $15.3 million, followed by Fidelity’s FBTC with $13.6 million, Ark Invest’s ARKB and VanEck’s HODL, both registering $5.3 million.

In contrast, Grayscale’s GBTC saw a net outflow of $13.9 million, making it the only major ETF to experience a negative flow on the day. Other ETFs did not see any notable changes in net inflows or outflows.

Breakdown of ETF Movements

1. Bitwise’s BITB led the market with $15.3 million in net inflows, reflecting growing confidence in its strategy for tracking spot Bitcoin prices.
2. Fidelity’s FBTC followed closely with $13.6 million, demonstrating strong investor interest in Bitcoin ETFs offered by traditional financial institutions.
3. Ark Invest’s ARKB and VanEck’s HODL both recorded $5.3 million in net inflows, further highlighting the broader investor demand for Bitcoin exposure.
4. Grayscale’s GBTC, which has traditionally been a major player in the Bitcoin ETF space, faced $13.9 million in net outflows, signaling a potential shift in investor preferences as newer ETFs gain traction.

Investor Sentiment Shifting Toward Spot Bitcoin ETFs

The latest net inflows indicate a growing appetite for Bitcoin ETFs, as more institutional and retail investors seek to gain exposure to Bitcoin’s price movements without directly holding the cryptocurrency. The performance of Bitwise, Fidelity, and Ark Invest’s ETFs suggests a shift in market sentiment toward newer, more dynamic Bitcoin offerings, with spot ETFs becoming the preferred vehicle for gaining exposure.

Grayscale’s Outflow: A Sign of Shifting Preferences?

The $13.9 million outflow from Grayscale’s GBTC could reflect a growing preference for more liquid and straightforward Bitcoin ETFs, particularly those structured around spot prices. As newer ETFs with lower fees and better liquidity enter the market, GBTC’s traditional appeal may be waning, leading to increased outflows in favor of alternative products.

Conclusion

The net inflow of $25.6 million into U.S. spot Bitcoin ETFs on October 4 highlights the sustained demand for Bitcoin exposure via ETFs. With Bitwise and Fidelity leading the charge, investors are showing increasing confidence in the spot ETF market. However, Grayscale’s GBTC outflow serves as a reminder that competition in the space is intensifying, as newer ETFs gain favor among investors seeking better liquidity and transparency.

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USA September Payroll Report Boosts Likelihood of Quarter-Point Rate Cut in November

The stronger-than-expected U.S. payroll report for September has increased the likelihood that the Federal Reserve will opt for a quarter-point rate cut during its November meeting, according to Nick Timiraos, the chief economics correspondent for The Wall Street Journal (WSJ). Timiraos suggested that this moderate approach aligns with the Fed’s recalibration strategy following a half-point cut in the previous month, which was prompted by signs of mild inflation and a cooling labor market.

September Payrolls Strengthen Fed’s Cautious Approach

The recent payroll data revealed stronger hiring trends than initially anticipated, especially in July, August, and September. The September report indicated a healthier labor market, leading the Fed to reassess its stance on further rate cuts. This aligns with Federal Reserve Chair Jerome Powell’s statement on September 30, in which he emphasized that the Fed is not in a hurry to implement additional rate cuts.

While some analysts had speculated about the possibility of another half-point rate cut, September’s robust employment figures have made it more likely that the Fed will take a measured approach and reduce rates by 0.25% instead.

The Fed’s Recalibration Strategy

Following last month’s half-point reduction, the Fed appears to be adopting a more gradual strategy as it responds to evolving economic conditions. The initial larger-than-usual rate cut was a response to emerging concerns about inflation and signs of weakness in the labor market. However, with recent revisions indicating stronger-than-expected hiring in July and August, the Fed may now opt for caution, avoiding overly aggressive moves that could risk overstimulating the economy.

Implications for the Economy

If the Federal Reserve proceeds with a quarter-point rate cut in November, it could signal the central bank’s commitment to balancing economic growth with inflation control. A moderate cut would provide support to businesses and consumers while ensuring that the economy doesn’t overheat. The Fed’s cautious approach reflects its need to maintain flexibility as it navigates the complexities of post-pandemic economic recovery.

Conclusion

With the September payroll report showing stronger-than-expected job growth, the Federal Reserve is likely to favor a quarter-point rate cut in November rather than a more aggressive reduction. This aligns with the Fed’s strategy of calibrating monetary policy in response to evolving economic conditions, ensuring stability while addressing inflation concerns.

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