Spot Bitcoin exchange-traded funds (ETFs) experienced substantial net inflows totaling $294.29 million on October 22, despite Bitcoin’s price slipping below the $67,000 mark.
On the same day, Bitcoin’s value dropped by 3.25%, moving from an intraday peak of $69,227 to a low of $66,975. This price decline resulted in over $167 million in long liquidations across the cryptocurrency market, with Bitcoin contributing approximately $40.53 million to this total. Ethereum followed closely, with long liquidations amounting to $55.9 million.
At the time of reporting, Bitcoin was trading at roughly $67,500, reflecting a 2.3% decrease over the previous 24 hours. However, the price drop did not deter investor interest in spot Bitcoin ETFs, which have now recorded inflows for seven consecutive days. U.S.-based spot Bitcoin ETFs concluded last week with a total of over $2.1 billion in inflows, continuing this positive trend with an additional $294.29 million at the start of the week.
BlackRock’s IBIT ETF led the way on October 21, attracting $329.03 million. This fund has quickly become a popular choice for investors seeking Bitcoin exposure, having accumulated over $1 billion in net inflows last week, which accounted for half of all U.S. spot Bitcoin ETF inflows during that period.
According to Bloomberg ETF analyst Eric Balchunas, the IBIT fund’s robust performance has propelled it past Vanguard’s Total Stock Market ETF in year-to-date inflows, ranking it third overall.
In contrast, Fidelity’s FBTC also reported modest gains with around $5.9 million in inflows on Monday. However, not all ETFs enjoyed similar success. Competing funds such as Bitwise’s BITB, ARK, 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC faced redemptions totaling over $40 million, while others experienced no inflows at all.
Ethereum ETFs Experience Outflows Amid Market Decline
While Bitcoin ETFs thrived, Ethereum-based ETFs encountered a contrasting situation. On October 21, spot Ethereum ETFs recorded $20.8 million in net outflows, ending a three-day inflow streak. Grayscale’s ETHE experienced the largest outflows, with $29.58 million exiting the fund.
Despite this, BlackRock’s ETHA and VanEck’s ETHV managed to mitigate some of the losses, recording inflows of $4.86 million and $3.92 million, respectively. The remaining spot Ethereum ETFs saw no activity for the day.
As of now, Ethereum was trading at $2,643, down 3.4% over the past 24 hours.
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