Spot Bitcoin ETFs record $294m inflows despite Bitcoin retreating below $67K
On October 22, spot Bitcoin exchange-traded funds saw net inflows of $294.29 million, despite the fact that Bitcoin’s price plummeted below $67,000.
On October 22, Bitcoin’s price fell by 3.25%, from an intraday high of $69,227 to a low of $66,975. This fall contributed to more than $167 million in long liquidations throughout the crypto market, with Bitcoin contributing for $40.53 million, trailing only Ethereum, which saw $55.9 million in long liquidations.
At the time of writing, Bitcoin btc -1.46%. Bitcoin was trading around $67,500, down 2.3% over the last 24 hours. The drop in Bitcoin’s price has not harmed investor confidence in spot Bitcoin ETFs, which have now had seven straight days of inflows.
On October 21, BlackRock’s IBIT led the charge, bringing in $329.03 million. The IBIT fund has swiftly emerged as a popular investment vehicle for investors looking for exposure to Bitcoin, with over $1 billion in net inflows last week alone, accounting for half of all U.S. spot Bitcoin ETF inflows.
The fund’s excellent performance has propelled it above Vanguard’s Total Stock Market ETF in year-to-date inflows, putting it third overall, according to Bloomberg ETF analyst Eric Balchunas.
Fidelity’s FBTC also saw gains, with about $5.9 million in inflows on Monday. However, not all ETFs were equally successful. Competing funds, including Bitwise’s BITB, ARK and 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC, saw redemptions totalling more than $40 million, while other ETFs saw no inflows.
Ethereum ETFs face outflows amidst market downturn
While Bitcoin ETFs witnessed significant inflows, Ethereum-based ETFs had a different scenario.
On October 21, spot Ethereum ETFs saw a net outflow of $20.8 million, bringing an end to a three-day sequence of inflows. Greyscale ETHE led the outflows, with $29.58 million leaving the fund.
BlackRock’s ETHA and VanEck’s ETHV managed to offset some of the withdrawals, with inflows of $4.86 million and $3.92 million, respectively. However, the remaining spot Ethereum ETFs witnessed little action during the day. At the time of writing, Ethereum (eth-2.69%) was trading at $2,643, down 3.4% in the previous 24 hours.
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