Bitcoin ETFs See $79M Outflow After 7-Day Inflow Rise

Coinspeaker
Bitcoin ETFs See $79M Outflow Following Seven-Day Inflow Spike

On Tuesday, US spot Bitcoin exchange-traded funds (ETFs) experienced a notable shift back to negative daily flows, halting a seven-day span of net inflows. This change comes after a week in which investors significantly increased their capital in these financial products.

As per data from SoSoValue, the twelve spot Bitcoin ETFs reported total net outflows of $79.09 million on Tuesday. The outflows were primarily caused by Ark and 21Shares’ ARKB, which faced a combined withdrawal of $134.74 million. This abrupt exit contrasts sharply with the previous week’s steady inflows.

Source: SoSoValue

Despite the overall negative trend, not all ETFs faced outflows. BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, saw $42.98 million in net inflows. Fidelity’s FBTC also recorded a positive movement, pulling in $8.85 million, while VanEck’s HODL attracted $3.82 million. The other eight funds, including Grayscale’s GBTC, did not report any significant fluctuations for the day.

ETFs’ Cumulative Net Inflows Reach $21.15B

The $79 million net outflow on Tuesday brought the cumulative net inflows of the twelve ETFs down to $21.15 billion. Additionally, the total daily trading volume for these ETFs declined to $1.4 billion, down from $1.76 billion the day prior. This decrease follows a surge where spot Bitcoin ETFs attracted over $2.67 billion during their seven-day inflow streak, echoing their peak inflows achieved in March.

During the inflow streak, BlackRock’s IBIT significantly contributed, drawing in around $1.5 billion. This influx coincided with a rally in Bitcoin’s price, which exceeded $69,300 on Monday. The close correlation between ETF inflows and Bitcoin’s market performance illustrates the impact of these financial instruments on cryptocurrency markets.

In the meantime, spot Ether ETFs in the US recorded net inflows of $11.94 million on Tuesday, fully driven by BlackRock’s ETHA. The other eight Ether funds showed no notable activity, maintaining stability amidst the volatile Bitcoin market.

The total trading volume for spot Ether ETFs was $118.4 million, a drop from $163.18 million on Monday. Since their inception, these funds have seen cumulative net outflows of $488.85 million.

Bitcoin Futures Reach $40.5 Billion OI Record

Bitcoin

BTC
$66 489



24h volatility:
1.3%


Market cap:
$1.31 T



Vol. 24h:
$30.47 B

futures reached a historic high of $40.5 billion in open interest (OI) on October 21, as reported by CoinGlass. OI reflects the total value of outstanding futures contracts that have yet to expire, providing insights into market activity and investor engagement in Bitcoin derivatives. The Chicago Mercantile Exchange (CME) commands 30.7% of Bitcoin futures OI, followed by Binance at 20.4% and Bybit at 15%.

In the last 24 hours, Bitcoin’s price fell by 0.48% to $66,620, while Ether decreased by 1.90%, settling at $2,580. These fluctuations underscore the ongoing volatility in the cryptocurrency market, influenced by changing ETF flows.

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Bitcoin ETFs See $79M Outflow Following Seven-Day Inflow Spike