U.S. spot Bitcoin ETFs took in $524.8 million on Wednesday, October 21, marking their third consecutive day of substantial inflows and turning October's cumulative flows positive after a difficult start to the month as buyers returned to BTC. Ethereum ETFs have moved in the opposite direction, shedding roughly $1 billion so far this month. Both groups — spot Bitcoin products that began trading in January 2024 and spot Ether products that followed in July 2024 — report their flows session by session, giving a running record of how traditional investors are allocating between the two largest cryptocurrencies.

Bitcoin's price has not yet followed the money. BTC changed hands at $81,904, down 1.6% in 24 hours, after a report on U.S.–Israeli strike plans against Iran sent oil prices higher.

The divergence has prompted a question that framed the original report: is Wall Street picking Bitcoin over Ethereum?

On-chain analytics firm Glassnode weighed in on the corporate treasury side of the market in an October 21 post on X, observing that BTC treasury companies are sitting on unrealized gains but have so far refrained from heavy accumulation, while describing a potentially self-reinforcing loop if they do buy:

BTC treasury companies are in profit but barely buying. They hold $BTC at a cost basis of about $80K, and price has closed above it since September 18. In profit, buying can feed on itself: purchases lift price, price lifts their shares, and their shares fund more purchases. pic.twitter.com/jOtlUBEVWy

— glassnode (@glassnode) October 21, 2026

Source: glassnode on X

Bitcoin ETFs Take In $1.07 Billion in Three Sessions

Bitcoin ETFs attracted about $1.07 billion across three trading sessions: $526.6 million on Monday, $23.2 million on Tuesday, and $524.8 million on Wednesday. BlackRock's IBIT led Monday's flows with $665.2 million, its biggest single day since October 2025. Fidelity's FBTC took in $212.7 million on Wednesday, its largest day of the month, after net outflows of $552 million through Tuesday.

Because the funds hold the assets directly and trade on U.S. exchanges, these daily tallies are widely read as a gauge of brokerage-channel demand — the same access point as an ordinary stock account.

That performance flipped the monthly picture. According to Friday's data, Bitcoin funds had been down about $617 million in October; they are now up about $457 million. The swing from deficit to surplus came within a single week.

Ethereum ETFs Lose $1 Billion in Three Weeks

On both flows and price, Ethereum is falling behind. The Ethereum ETF group recorded outflows on 12 of the 14 sessions between October 2 and 21, losing about $1.01 billion, while Bitcoin funds gained $355 million over the same days. The performance gap between the two groups of funds has widened accordingly.

The selling is concentrated in a single product. BlackRock's ETHA has lost about $954 million this month, accounting for nearly all of the group's total outflow. Ether ETFs snapped a five-day losing streak only on Wednesday, with a $15 million inflow.

Some large ETH buyers may simply be skipping the ETF wrapper. ETHA does not stake its coins, while Tom Lee's Bitmine staked an additional 159,728 ETH this week and earns the staking yield directly. The split underscores a structural difference between the two ways of holding ETH: the fund delivers price exposure, while direct holders and corporate treasuries can also collect staking rewards on the same coins.

Price Analysis: Can a Billion Dollars of ETF Buying Keep Bitcoin Above $80,400?

So far, yes. BTC sits about $1,000 above its 50-day exponential moving average (EMA) at $80,853, with the $80,410 support swing low just below.

key levels on the daily chart:

• First resistance: $82,300–$82,850, near the recent swing highs.
• Major resistance: $84,100–$84,900, around Wednesday's close and high.
• First support: $80,394–$80,863, near the swing low and the 50-day EMA.
• Major support: $76,179, at the 200-day EMA.

According to the report's analysis, continued ETF buying could see BTC reclaim $84,900 and move toward $87,220. If trading remains range-bound, BTC may fluctuate between $80,400 and $84,900 ahead of the Federal Reserve's October 27–28 meeting. However, rising oil prices and weaker ETF flows could push BTC below the 50-day EMA toward $76,179.

ETF buyers have shown a clear preference for Bitcoin this month. What BTC needs now is price action to confirm the trend. Whether the flows translate into sustained price gains remains the open question for the rest of October, and two published markers make it easy to follow along: the funds' daily flow reports and the Federal Reserve's October 27–28 meeting.

Source: 99Bitcoins