U.S. spot bitcoin exchange-traded funds recorded their strongest daily inflow in almost a month on Monday, but the result was driven entirely by BlackRock’s iShares Bitcoin Trust (IBIT).
BlackRock leads a concentrated rebound
The group of U.S. spot bitcoin ETFs attracted a combined $526.6 million, according to data from SoSoValue cited in reporting by CoinDesk. IBIT accounted for $665.2 million of that total, marking its largest single-day inflow since Oct. 7 last year.
The overall result was the strongest for the bitcoin funds since Sept. 22, when they collectively received $714.7 million. Monday’s inflow also more than offset the $228.5 million in withdrawals recorded by the funds during the previous week.
A spot bitcoin ETF holds bitcoin directly and gives investors exposure through shares traded on an exchange. Daily net-flow figures show the difference between money entering and leaving these funds; they do not represent the performance of bitcoin’s market price.
Other major funds record withdrawals
The headline figure concealed a sharp divide among the products. Fidelity’s Wise Origin Bitcoin Fund, traded under the ticker FBTC, experienced $83.6 million in outflows. Grayscale’s Bitcoin Trust, GBTC, recorded withdrawals of $54.9 million.
The remaining bitcoin ETFs reported no net flows on Monday. That left IBIT’s buying as the sole source of the group’s positive result, rather than evidence of broad-based inflows across the entire U.S. spot bitcoin ETF market.
Despite the strong session, the funds remained about $90.5 million in net outflows for October, based on CoinDesk’s calculations using SoSoValue’s figures. The monthly result therefore continued to reflect withdrawals recorded earlier in the month.
Ether ETFs move in the opposite direction
U.S. ether funds had a weaker session. They posted combined outflows of $103.3 million on Monday, extending their losing streak to four consecutive trading sessions.
BlackRock’s iShares Ethereum Trust, known by the ticker ETHA, represented $95.4 million of those withdrawals, according to SoSoValue data. The contrast with IBIT’s performance means the two largest crypto-asset ETF categories moved in opposite directions during the session: bitcoin products gained funds overall, while ether products continued to lose them.
Moneyiar market picture
Moneyiar market data at 08:39 on Oct. 21 showed Bitcoin trading at $83,072.68, up 1.94% over 24 hours but down 0.66% over seven days. JUST was priced at $0.14045, with a 24-hour gain of 0.23% and a seven-day gain of 0.20%.
Lighter stood at $3.40067, rising 7.72% over 24 hours and 1.61% over seven days. Monad was priced at $0.02214, up 5.95% over 24 hours but down 11.15% over the week.
