BlackRock’s IBIT has seen inflows of $318.8 million, even as Bitcoin dipped below the $69k mark

On October 31, BlackRock’s spot Bitcoin ETF, IBIT, achieved impressive net inflows of $318.8 million, despite Bitcoin experiencing a 4% decline in price to around $68,800.

Data from Farside Investors highlights that this latest surge in capital followed a record-breaking day on October 30, when IBIT attracted an astounding $872 million, surpassing its previous high of $849 million set in March. Overall, the fund’s weekly inflows have now exceeded $2.1 billion.

However, despite the strong inflows into BlackRock’s IBIT, the 12 spot Bitcoin ETFs collectively recorded only $32.3 million in net inflows on October 31, a significant drop from the $893.3 million seen the day before, which was the second-highest single-day inflow since these ETFs were launched.

In the midst of this general pullback in Bitcoin ETFs, Valkyrie’s BRRR was the sole fund to experience positive flows on Thursday, gaining $1.9 million. Conversely, the broader market faced notable outflows from other major funds. Fidelity’s FBTC ended its two-week streak of positive inflows, suffering a loss of over $75.2 million. Similarly, ARK 21Shares’ ARKB, Bitwise’s BITB, VanEck’s HODL, and Grayscale’s GBTC collectively faced outflows totaling $213.2 million.

BlackRock’s IBIT rises above traditional ETFs

The impressive performance of BlackRock’s IBIT positions it as a formidable player not just in the cryptocurrency market but also within the broader ETF industry.

As noted by Bloomberg analyst Eric Balchunas, IBIT has outperformed major ETFs such as VOO, IVV, and AGG over the past week, drawing in more investor capital than any other ETF. Since its launch less than ten months ago, IBIT has rapidly amassed nearly $30 billion in assets, with around half of that total accumulated in just the past month.

U.S.-based spot Bitcoin ETFs now collectively hold over 1 million Bitcoin, bringing them closer to the estimated 1.1 million BTC believed to be held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

The recent inflows into IBIT and BRRR occurred against a backdrop of a broader decline in Bitcoin’s market performance. On October 31, the price of Bitcoin fell by 4.6%, dropping from an intraday high of $72,859 to $69,505 at the time of writing. This decline was accompanied by significant liquidations in the crypto market, totaling $246.38 million in long positions, with Bitcoin alone accounting for $78.45 million of those liquidations.

Spot Ether ETFs log $13m in inflows

While Bitcoin ETFs showed a mix of performance, Ethereum ETFs experienced modest but positive inflows on October 31. The nine spot Ethereum ETFs combined recorded a total of $13 million in net inflows, largely fueled by BlackRock’s ETHA, which attracted $49.6 million in new investments. In contrast, Grayscale’s ETHE faced outflows of $36.6 million, while the other Ethereum ETFs remained relatively stable throughout the day.

As of the time of publication, Ethereum’s price reflected Bitcoin’s downward trajectory, decreasing by 5.3% to settle at $2,507.