Bitcoin ETF Inflows Rebound Daily Amidst Broader Uncertainty and Ether Outflows
MissedBlock Desk · · 2 min read
Updated
US spot Bitcoin exchange-traded funds (ETFs) experienced a notable rebound on Monday, attracting $526.7 million in net inflows. This figure represents the largest daily intake since September 22 and marks a reversal of recent weekly outflows. However, this positive daily performance for Bitcoin ETFs is occurring against a backdrop of continued outflows from US spot Ether ETFs and a persistent negative net flow for Bitcoin ETFs throughout October, signaling a complex and uncertain market sentiment.
According to Farside Investors, Monday’s inflows were the strongest since September 22, when the funds attracted $714.7 million. BlackRock’s iShares Bitcoin Trust (IBIT) was a significant driver, leading the inflows with $665.2 million. This substantial contribution from IBIT helped to offset withdrawals from other major funds, including $83.6 million from Fidelity’s Wise Origin Bitcoin Fund (FBTC) and $54.9 million from Grayscale Bitcoin Trust (GBTC).
The rebound on Monday follows two consecutive weeks of net outflows for spot Bitcoin ETFs. Last week, these ETFs shed approximately $229 million, and the week prior saw outflows of $681 million. The funds also experienced significant outflows on October 7, totaling $483.9 million, which was their largest daily withdrawal since June.
Despite Monday’s strong inflows, US spot Bitcoin ETFs remain about $88 million in negative territory for October, according to Farside’s daily figures. This indicates that while there was a notable daily positive shift, the overall monthly performance is still lagging.
In contrast to the Bitcoin ETF activity, US spot Ether ETFs recorded $103.3 million in net outflows on Monday. BlackRock’s iShares Ethereum Trust (ETHA) was the largest contributor to these outflows, with $95.4 million withdrawn. Ether funds have now experienced three consecutive weeks of net withdrawals, losing about $320 million last week alone. This sustained outflow trend for Ether ETFs presents a contrasting signal to the recent Bitcoin ETF inflows.
The mixed signals—a strong daily rebound for Bitcoin ETFs juxtaposed with ongoing outflows from Ether ETFs and a negative overall monthly performance for Bitcoin ETFs—create an environment of uncertainty. While Monday’s inflows may suggest a potential shift in investor sentiment, the broader context indicates that caution may still prevail. The significance of this single day’s performance in reversing the overall trend remains to be seen as the month progresses.