Spot Bitcoin exchange-traded funds (ETFs) recorded net inflows for the fourth day in a row, driven by sustained buying interest, even as the broader cryptocurrency market has faced ongoing volatility. According to digital asset metrics provider SoSoValue, the total net inflow into spot Bitcoin ETFs reached $17.07 million on October 29. These consecutive net positive inflows suggest continued demand for Bitcoin through regulated investment products.
Ethereum ETFs see contrasting outflows
While Bitcoin ETFs enjoyed steady capital inflows, spot Ethereum ETFs faced a markedly different trend. Investors pulled $105 million from spot Ethereum ETFs on the same day, also marking the fourth straight session of net outflows. This clear divergence signals that investor interest is skewing towards Bitcoin over Ethereum in current market conditions.
| ETF Type | October 29 Net Flow | Consecutive Days of Flow |
|---|---|---|
| Spot Bitcoin | +$17.07 million | 4 (inflows) |
| Spot Ethereum | -$105 million | 4 (outflows) |
Analysts say that sustained inflows into Bitcoin ETFs could support market sentiment, although ETF flows alone may not be sufficient to drive a robust price recovery amid wider macroeconomic uncertainty.
Whale activity supports accumulation narrative
Large Bitcoin holders, commonly referred to as “whales,” are also bolstering market optimism by increasing their exposure. Blockchain analytics platform Lookonchain noted that nine newly created wallets received a total of 1,900 BTC, valued at around $148 million, from Galaxy Digital over a four-hour window. These significant transfers suggest ongoing strategic accumulation by influential market participants, despite sell-offs elsewhere in the market.
Galaxy Digital is a financial services and investment management firm focused on digital assets and cryptocurrencies.
Mini dictionary: Lookonchain, an on-chain analytics platform specializing in tracking major wallet movements, identifies and interprets large cryptocurrency transactions to help understand market trends.
The origins of the receiving wallets and the intentions behind these transfers have not been independently confirmed. Nevertheless, such accumulation patterns are often watched as early indicators of institutional or whale positioning for a potential price recovery.
Wealthmanager, a widely followed crypto analyst, emphasized that continued accumulation by large players could be interpreted as positioning for a rebound, though it does not guarantee an immediate recovery in price.
Technical outlook: rising support and price targets
Technical chart patterns present another key dynamic for Bitcoin’s near-term outlook. The price is currently testing an important ascending support zone that traders have identified as a potential springboard for an upward move.
Wealthmanager observed that Bitcoin’s price is rebounding from this significant support level. The analyst stated that as long as Bitcoin holds above this trendline, there is a scenario for the price to attempt a recovery move toward $88,000. Remaining above this level may reinforce short-term bullish momentum, while a decisive break below could weaken prospects for an immediate recovery.
Analysts note that defending the uptrend is essential for a move to the $88,000 target, yet overall market conditions and sustained buying pressure remain critical variables.
Observers point out that a combination of continued ETF inflows and whale accumulation would be necessary to push Bitcoin decisively higher. Otherwise, a breakdown below the current support area could make the target less likely in the short term.
As investors and traders monitor ETF flows, large wallet transfers, and key technical levels, Bitcoin’s next move will likely depend on the balance between institutional buying and prevailing market sentiment.
