Over $600 million flowed into US spot Bitcoin ETFs on Thursday, and Ethereum ETFs also saw over $300 million in inflows.

This trend is a stark reversal from the outflows seen in September. With Bitcoin’s price recovering to the $120,000 level for the first time in a month and a half, many are watching to see if this new ETF capital can fuel a sustained rally.

According to data from Farside Investors, US BTC ETFs recorded a net inflow of $627 million on Thursday. BlackRock’s IBIT led the way with $464 million, followed by Fidelity’s FBTC at $89.6 million. ETH ETFs also saw strong inflows, with BlackRock’s ETHA leading with $177 million, followed by Fidelity ($60.7 million) and Bitwise ($46.5 million).

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This marks the fourth consecutive day of inflows for Bitcoin spot ETFs and Ethereum spot ETFs.

The consecutive inflows have shifted the sentiment in the ETF market. US spot Bitcoin ETFs had previously recorded continuous outflows in the third and fourth weeks of September, with over 16,000 BTC leaving the funds.

However, the trend reversed on September 30 with a net inflow of 3,200 BTC, signaling a potential shift in market sentiment.

For Ethereum spot ETFs, the reversal is still in its early stages. In August, ETH ETFs saw a net inflow of $3.87 billion, which was a key driver behind the asset’s 18.5% monthly price increase. But in September, net inflows plummeted to just $285.74 million, leading to a 5.62% monthly price drop.

Even during the late September crypto rally, Ethereum ETFs underperformed. While they maintained net inflows for three consecutive business days last week, the total inflow was less than $100 million—a far-from-positive figure. But Thursday’s inflow of over $300 million in a single day is a much more hopeful sign.

With the revival of ETF inflows, many are waiting to see if Bitcoin and Ethereum can regain their upward momentum. At the time of writing, Bitcoin’s price is trading at $119,903, and Ethereum’s price is at $4,474.