U.S. spot Bitcoin ETFs continued their robust momentum on October 9, 2025, recording $197.8 million in net inflows and extending their positive streak to nine consecutive days. This surge was led by BlackRock’s iShares Bitcoin Trust (IBIT), which alone attracted $255.47 million, pushing its assets under management (AUM) to nearly $97 billion.
Other notable performers included Fidelity’s FBTC and ARK 21Shares’ ARKB, contributing to a total AUM across all Bitcoin ETFs of $62.77 billion. The inflows reflect sustained institutional demand amid Bitcoin’s price hovering around $121,000, bolstered by broader market optimism tied to regulatory tailwinds and corporate treasury adoption.
In contrast, spot Ethereum ETFs experienced a minor reversal, with $8.7 million in net outflows—primarily driven by withdrawals from Fidelity’s FETH $30.26 million out—ending their eight-day inflow streak.
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Despite this, Ethereum ETFs maintain a solid $29.9 billion in AUM, and the outflow appears more like a brief pause than a trend shift, following $421 million in inflows just the prior day. Ethereum traded at $4,352 on October 9, down 2.3% daily but still up significantly year-to-date amid ETF-driven momentum.
This divergence underscores Bitcoin’s dominance in institutional flows, with analysts noting the “Uptober” effect amplifying BTC’s appeal as a hedge against fiat weakness. Ethereum’s brief dip may signal profit-taking after a strong run, but spot trading volumes rose 9% to $40.4 billion, hinting at underlying resilience.
Bitcoin Whale’s Bearish Ethereum Play on Hyperliquid
Adding a layer of intrigue, a prominent Bitcoin whale—previously linked to selling over $4 billion in BTC for ETH earlier this year—has pivoted to a contrarian bet against Ethereum. On October 9, 2025, the whale address cluster deposited approximately $30 million in USDC to Hyperliquid, a decentralized perpetuals exchange, to open a leveraged short position on ETH.
This move comes after the whale realized gains from prior BTC shorts and ETH rotations, but now targets ETH’s recent highs with up to 25x leverage, eyeing a liquidation threshold around $4,594. The whale’s history includes high-stakes trades: dumping 80,000+ BTC valued at $9+ billion at the time via Galaxy Digital in July for estate planning, followed by phased BTC-to-ETH swaps totaling $4 billion in August-September.
Recent activity on Hyperliquid shows this latest $30M deposit expanding shorts amid ETH’s rejection at $4,700, with the position currently facing mild unrealized losses as ETH stabilizes. Wallet balances sit under $1 million in margin, amplifying risk—liquidation could trigger if ETH surges past the threshold.
This short contrasts sharply with ETF inflows, potentially signaling whale caution on ETH’s overextension relative to BTC. Hyperliquid’s open interest has ballooned to records, with this trade spotlighting leveraged volatility. As one X observer noted, “Whales are flipping scripts—BTC inflows roar while ETH faces the heat.”
Bitcoin Performance is showing modest gains today, continuing the “Uptober” momentum from earlier in the month where it hit a record high above $125,000 on October 5. As of the latest data, BTC is trading at approximately $121,577, up 0.11% over the past 24 hours.
This slight uptick comes after a pullback on October 8 down ~1.8% to $121,788 and a minor recovery on October 9 up 0.41% to around $122,000. The market cap stands at $2.42 trillion, reflecting steady institutional interest amid broader economic stability.
U.S. spot Bitcoin ETFs saw positive activity earlier in the week, with analysts forecasting BTC could reach $148,500 by year-end, driven by ETF growth and a shift toward “maturity phase” investing.
Neutral to cautiously optimistic, with historical October averages showing 14.4% gains since 2013. Recent highs near $125,689 underscore resilience despite U.S. government shutdown concerns fueling a “debasement trade.”
The overall crypto market is up marginally, with a total market cap of $4.13 trillion up 0.15% in 24 hours and trading volume rising 8.23% to $203.74 billion. This follows mixed signals earlier in the week: a 2.2% dip on October 8 market cap briefly below $4T and a near-flat recovery on October 9.
Sentiment remains neutral, with 7 of the top 10 coins up in the last day, buoyed by regulatory tailwinds like high odds 90%+ for Solana ETF approvals due today.
Top gainers in the top 10: Dogecoin +2.32% leads, followed by Cardano +1.68% and BNB (+1.21%), reflecting meme coin hype and ecosystem upgrades. Stablecoins like USDT and USDC show minimal movement, providing liquidity anchors.
Capital is shifting toward high-cap alts like BNB and XRP, with forecasts for an “altcoin season” post-BTC surge. S&P Global’s new Digital Markets 50 Index tracking 15 cryptos and 35 related stocks and potential SOL ETF approvals are enhancing legitimacy.
Altcoin open interest remains elevated >1.4 ratio, signaling potential liquidations if volatility spikes. Overall, the market is stable with upside potential, aligning with October’s historical bullishness. Bitcoin’s institutional fortress strengthens, while Ethereum navigates whale skepticism.