Spot Bitcoin ETFs Attract $294.29 Million in Inflows Despite Bitcoin Price Dip
On October 22, Bitcoin experienced a 3.25% price decline, falling from an intraday peak of $69,227 to a low of $66,975. This downward movement triggered over $167 million in long liquidations across the crypto market, with Bitcoin alone accounting for $40.53 million, second only to Ethereum, which saw $55.9 million in liquidations.
Despite this, investor appetite for spot Bitcoin exchange-traded funds (ETFs) remained strong. Inflows into these ETFs totaled $294.29 million on the same day, marking the seventh consecutive day of positive inflows. U.S.-based spot Bitcoin ETFs had already amassed more than $2.1 billion in inflows by the end of the previous week, continuing that momentum into the start of the new week.
BlackRock’s IBIT fund led the way on October 21, bringing in $329.03 million in new capital. The fund, which has quickly become a popular vehicle for Bitcoin exposure, garnered over $1 billion in inflows last week alone, making up half of all inflows into U.S. spot Bitcoin ETFs. This performance has propelled IBIT to surpass Vanguard’s Total Stock Market ETF in year-to-date inflows, securing the third spot overall, according to Bloomberg ETF analyst Eric Balchunas.
Fidelity’s FBTC fund also posted gains, adding around $5.9 million on Monday. However, not all funds shared in the success. ETFs from Bitwise (BITB), ARK and 21Shares (ARKB), VanEck (HODL), and Grayscale (GBTC) saw combined redemptions of over $40 million. Other Bitcoin ETFs remained flat with no inflows.
Ethereum ETFs See Outflows Amid Market Volatility
While Bitcoin ETFs continued to attract investor interest, Ethereum-based ETFs faced a more challenging environment. On October 21, spot Ethereum ETFs recorded $20.8 million in net outflows, ending a three-day streak of inflows. Grayscale’s ETHE led the outflows, with $29.58 million withdrawn from the fund.
On the upside, BlackRock’s ETHA and VanEck’s ETHV saw some positive activity, drawing in $4.86 million and $3.92 million, respectively. However, the remaining spot Ethereum ETFs showed no activity for the day. At the time of writing, Ethereum was trading at $2,643, down 3.4% over the past 24 hours.
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