Bitcoin ETFs See Modest Inflows, Breaking Two-Week Outflow Streak
U.S. spot Bitcoin exchange-traded funds (ETFs) concluded the week with $301 million in net inflows, snapping a two-week streak of outflows. However, the margin was narrow, with a significant surge in inflows from Monday to Wednesday largely offset by substantial outflows on Thursday and Friday.
Bitcoin itself showed little reaction to the fund flows, trading around $80,490 after a 1% move. Meanwhile, traders on the Myriad platform increased the odds of a price drop to $77,500 this month to 43%.
The provisional weekly figure for the trading days ending October 24 stood at $301.2 million. This follows two prior weeks that saw combined net outflows of approximately $910 million.
Daily Flows Show Volatility
The daily breakdown of inflows painted a volatile picture. Monday saw a robust $526.7 million enter the funds, followed by a more modest $23.2 million on Tuesday. Wednesday added another significant $524.8 million, bringing the total fresh capital across the first three sessions to roughly $1.07 billion.
However, the sentiment shifted dramatically. Thursday recorded outflows of $635.6 million, marking the largest single-day departure of the week. Friday continued the trend with another $137.9 million in redemptions, according to Decrypt’s ETF tracker, marking the second consecutive day of net exits.
These late-week outflows totaled $773.5 million, which, when subtracted from the early-week gains, resulted in the final net inflow of $301.2 million.
BlackRock Dominates Inflows, Others Lag
BlackRock’s iShares Bitcoin Trust (IBIT) was the primary driver of the week’s inflows, attracting $565.7 million week-to-date. This single fund’s performance exceeded the total net inflow across all Bitcoin ETFs. The rest of the field, collectively, experienced net outflows.
IBIT was not immune to the late-week selling pressure, posting $110.3 million in outflows on Friday alone, the largest single-fund redemption for that day. Fidelity’s FBTC also saw outflows, with $31.8 million leaving the fund on Friday, suggesting the late-week exit trend was not isolated to a single issuer.
Ether ETFs Continue Outflows
Spot Ether ETFs did not participate in the recovery, recording a net outflow of approximately $221 million over the same week.
Bitcoin Price Remains Stable Amidst Fund Activity
Despite over $1 billion flowing in and out of Bitcoin ETFs, the cryptocurrency’s price action remained remarkably contained. Bitcoin traded within a narrow range of roughly $80,000 to $84,000 throughout the week.
Total assets under management for U.S. spot Bitcoin ETFs are now estimated to be between $104.7 billion and $109 billion. Since their launch in January 2024, cumulative net inflows have surpassed $57 billion.
Market Sentiment Cautious
The cautious market sentiment is further underscored by prediction market data. The 43% probability of Bitcoin reaching $77,500 this month, as priced by Myriad traders, indicates that a significant portion of the market is anticipating further downside. With Bitcoin currently trading near $80,490, this target represents a decline of only a few percentage points.
The heavy reliance on IBIT for the category’s net inflow highlights the concentration of demand in a single product. The divergence with Ether ETFs, which saw outflows while Bitcoin funds turned positive, suggests a potential consolidation of investor interest toward Bitcoin rather than a broader expansion of crypto exposure.
