U.S. spot Bitcoin ETFs attracted about $301 million in net inflows for the week, ending two consecutive weeks of net outflows. However, Decrypt's ETF tracker recorded $137.9 million in net outflows on Friday, the second consecutive day of withdrawals. Combined net outflows for Thursday and Friday reached about $773.5 million. The withdrawals reduced gains from $1.07 billion in net inflows between Monday and Wednesday.
The Bitcoin funds briefly reached positive net flows for October during the week. However, Thursday brought $635.6 million in net outflows, October's largest daily withdrawal, returning monthly flows to negative territory. October net outflows now total about $314 million, despite Bitcoin's typically favorable seasonal performance during the month. The Bitcoin funds have accumulated $57.6 billion in net inflows since launching in January 2024. The funds hold $100.2 billion in total net assets.
Ethereum ETFs attracted $4.4 million in net inflows on Friday. However, the Ethereum funds recorded about $221 million in weekly net outflows, bringing October net outflows to roughly $1.18 billion. Solana ETFs registered zero net flows on Friday after $8.9 million in net outflows on Thursday. The Solana funds have recorded about $68 million in net outflows this month.
Spot crypto ETFs own underlying assets such as Bitcoin or Ethereum. The ETFs trade as shares on stock exchanges and provide crypto exposure through standard brokerage accounts. Ethereum funds have attracted $12.7 billion in net inflows since launching in July 2024. Solana funds launched late last year. Issuers disclose flows each day, and institutions and financial advisers account for much of the money. Those characteristics have made ETF flows a widely monitored indicator of investor sentiment.
CoinGecko data showed Bitcoin fell 1.1% over 24 hours to about $80,490 on Saturday. CoinGecko data also showed Bitcoin was down 1.2% for the week. Ethereum declined 2.6% to roughly $2,344. Solana dropped 2.8% to about $101. The total crypto market capitalization decreased 1.2% to $2.79 trillion. The declines followed a midweek global market selloff. Oil rose above $111 a barrel during that selloff. AI stocks also declined during the selloff.
Traders on Myriad have become more pessimistic about Bitcoin's performance through the end of October. Dastan, Decrypt's parent company, developed the prediction market. Myriad traders assigned a 43% probability to Bitcoin falling to $77,500 before October ends, compared with 32% a day earlier. Myriad traders assigned an 18% probability to Bitcoin falling to $75,000. The probability of Bitcoin exceeding $87,500 declined from 17% to 10%. The probability of Solana reaching $160 before $40 fell from 54.9% to 51.6%, leaving the bullish outcome slightly favored. The probability of Ethereum reaching $3,000 before $1,500 remained at 61.3%.
J.P. Morgan Asset Management projected annual Bitcoin returns of 10% over the next decade before the week began on a more positive note. Bitcoin has since entered a period that analysts describe as a "wait-and-see" mode.