Spot Bitcoin exchange-traded funds recorded $294.29 million in net inflows on Oct. 22 even as Bitcoinโs price fell below $67,000.
On Oct. 22, Bitcoin saw a price drop of 3.25%, falling from an intraday high of $69,227 to a low of $66,975. This decline contributed to over $167 million in long liquidations across the crypto market, with Bitcoin alone accounting for $40.53 million of these liquidations, second only to Ethereum, which saw $55.9 million in long liquidations.
At the time of writing, Bitcoin (BTC) was trading at around $67,500, down 2.3% in the past 24 hours.
The downturn in Bitcoinโs price did not dampen investor confidence in spot Bitcoin ETFs, which have now recorded seven consecutive days of inflows. The U.S.-based spot Bitcoin ETFs concluded last week with over $2.1 billion in total inflows and continued the trend with an additional $294.29 million at the start of this week.
BlackRockโs IBIT led the charge on Oct. 21, drawing in $329.03 million. The IBIT fund has quickly emerged as a favored investment vehicle for those seeking exposure to Bitcoin, amassing over $1 billion in net inflows last week alone, accounting for half of all U.S. spot Bitcoin ETF inflows.
The fundโs strong performance has pushed it to surpass Vanguardโs Total Stock Market ETF in year-to-date inflows, positioning it third overall, according to Bloomberg ETF analyst Eric Balchunas.
Fidelityโs FBTC also reported gains, with approximately $5.9 million in inflows on Monday. However, not all ETFs shared in the success. Competing funds such as Bitwiseโs BITB, ARK and 21Sharesโ ARKB, VanEckโs HODL, and Grayscaleโs GBTC experienced redemptions totaling over $40 million, while other ETFs saw no inflows.
Ethereum ETFs face outflows amidst market downturn
While Bitcoin ETFs saw robust inflows, Ethereum-based ETFs faced a different scenario.
On Oct. 21, spot Ethereum ETFs recorded $20.8 million in net outflows, ending a three-day streak of inflows. Grayscaleโs ETHE led the outflows, with $29.58 million exiting the fund.
BlackRockโs ETHA and VanEckโs ETHV managed to offset some of the outflows, recording inflows of $4.86 million and $3.92 million, respectively. However, the remaining spot Ethereum ETFs saw no activity for the day.
At the time of writing, Ethereum (ETH) was trading at $2,643, down 3.4% over the past 24 hours.
