Bitcoin surged past the $120,000 mark this week, driven by strong institutional demand and inflows into U.S. spot Bitcoin ETFs. On October 2, BlackRock’s IBIT alone recorded a $466.5 million net inflow, making it the largest single-day contributor to ETF demand. That momentum helped push BTC to a two-month high. Some analysts attribute part of the rise to safe-haven rotation amid U.S. political uncertainty and growing bets on a potential rate cut. The rally underscores how ETF-driven flows are increasingly shaping crypto price action.

Citigroup lifts ETH outlook, trims Bitcoin view amid shifting flows

Citigroup raised its year-end price target for Ethereum to $4,500, citing strong ETF flows and growing institutional adoption of the asset. Simultaneously, the bank modestly lowered its Bitcoin forecast from $135,000 to $133,000, pointing to headwinds from a strengthening U.S. dollar and softer gold prices. The shift in forecasts reflects evolving sentiment and reallocations across crypto portfolios. The move reinforces Ethereum’s rising prominence in institutional strategies as demand for staking and yield grows.

Stellar XLM goes live on LOAN Protocol with new Metal X trading competition

Stellar’s native token XLM is now supported on LOAN Protocol, enabling users to lend, borrow, and use XLM as collateral to access other assets including Bitcoin, USDC, and HBAR. The integration expands LOAN’s multi-asset lending ecosystem, offering broader options for DeFi users seeking liquidity against their XLM holdings. Alongside the protocol launch, Metal X announced a month-long XLM trading competition running through October, with 500’000 XPR in prizes for top traders.

Bitcoin ETF Flows

On Monday, September 29, bitcoin ETFs saw a modest reversal, led by outflows in IBIT (-46.6 m) but offset by strong inflows in FBTC (+298.7 m) and ARKB (+62.2 m), generating a net positive inflow of $518.0 m. Tuesday saw continued momentum, with 30 September net flows of $429.9 m, paced by IBIT (+199.4 m) and BITB (+70.1 m). The biggest single-day inflow came on Thursday, October 2, at $627.2 m, with IBIT contributing $466.5 m and FBTC +89.6 m. Overall, the week produced sustained demand for bitcoin ETFs, with IBIT as the dominant driver and few signs of weakening appetite.

Ethereum ETF Flows

On Monday, September 29, ethereum ETFs recorded inflows totaling $546.9 m, led by FETH (+202.2 m), ETHA (+154.2 m) and ETHW (+36.5 m). Tuesday (September 30) saw moderate interest with $127.5 m in net inflows, driven by ETHA. Mid-week flows cooled, with only $80.9 m on October 1, led by FETH (+36.8 m) and ETH (the spot product) (+14.3 m). The strongest Ethereum ETF demand surfaced again on Thursday, October 2, at $307.1 m, with ETHA (+177.1 m), ETHW (+46.5 m), and FETH (+60.7 m) contributing. In sum, Ethereum ETFs posted consistent inflows all week, with ETHA and FETH emerging as reliable engines of demand.

Top Gainers (Coins Available on Metal Pay)

Solana led the weekly charge with a 17.1% gain, outperforming the rest of the pack as investor appetite for layer-1 protocols picked up. Litecoin and LOAN Protocol followed with 15.6% and 14.3% gains, respectively, while Dogecoin and Ethereum also posted solid double-digit returns. The strength across diverse sectors suggests broad crypto bullishness this week.

These tokens and more are available on Metal Pay.