Spot Bitcoin ETFs record $294m inflows despite BTC retreating below $67K

On October 22, spot Bitcoin exchange-traded funds (ETFs) recorded significant inflows of $294.29 million, despite a 3.25% drop in Bitcoin’s price, which fell from an intraday high of $69,227 to a low of $66,975. The price decline contributed to a total of over $167 million in long liquidations across the cryptocurrency market, with Bitcoin alone accounting for $40.53 million in liquidations, second only to Ethereum, which saw $55.9 million in liquidations.

As of the latest data, Bitcoin was trading at around $67,500, marking a 2.3% decrease over the past 24 hours. Despite this downturn in Bitcoin’s price, investor confidence in spot Bitcoin ETFs remained strong. U.S.-based spot Bitcoin ETFs saw seven consecutive days of inflows, with over $2.1 billion in inflows for the prior week. The trend continued into the new week, with $294.29 million added to the funds on October 22 alone.

BlackRock’s IBIT led the charge on October 21, attracting $329.03 million in inflows. The IBIT fund has quickly become a popular investment vehicle for those seeking exposure to Bitcoin, amassing more than $1 billion in net inflows just last week, which accounted for half of all U.S. spot Bitcoin ETF inflows. Due to its strong performance, the IBIT fund has now surpassed Vanguard’s Total Stock Market ETF in year-to-date inflows, positioning it third overall in terms of inflows, according to Bloomberg ETF analyst Eric Balchunas.

Meanwhile, Fidelity’s FBTC also saw positive results, with approximately $5.9 million in inflows on Monday. However, not all Bitcoin ETFs shared in this success. Competing funds such as Bitwise’s BITB, ARK and 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC faced redemptions totaling over $40 million, while other funds experienced no inflows at all.

Ethereum ETFs Face Outflows

While Bitcoin ETFs thrived, Ethereum ETFs experienced a different trend. On October 21, spot Ethereum ETFs saw $20.8 million in net outflows, ending a three-day streak of inflows. The largest outflow came from Grayscale’s ETHE, which saw $29.58 million exit the fund.

However, BlackRock’s ETHA and VanEck’s ETHV helped offset some of the losses, recording inflows of $4.86 million and $3.92 million, respectively. Despite these efforts, the remaining spot Ethereum ETFs saw no inflows on the day.

At the time of writing, Ethereum was trading at $2,643, down 3.4% over the last 24 hours, reflecting the broader market downturn that has affected Ethereum ETFs.