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The $79 million net outflow on Tuesday reduced the cumulative net inflows of the 12 ETFs to $21.15 billion.
Key Notes
US spot Bitcoin ETFs saw $79.09 million in outflows, led by Ark 21Shares Bitcoin ETF ARKB with $134.74 million.BlackRock’s IBIT gained $42.98 million in inflows, while Fidelity’s FBTC added $8.85 million on the same day.Bitcoin futures open interest hit a record $40.5 billion, with CME holding 30.7% of market share.US spot Bitcoin exchange-traded funds (ETFs) saw a significant shift back to negative daily flows on Tuesday, marking the end of a seven-day streak of net inflows. The reversal comes after seven consecutive trading days where investors poured significant funds into these financial instruments.
According to data from SoSoValue, the 12 spot Bitcoin ETFs reported total net outflows of $79.09 million on Tuesday. The outflows were primarily driven by Ark and 21Shares’ ARKB, which saw a combined $134.74 million leaving the funds. This sudden withdrawal contrasts sharply with the previous week’s consistent inflows.
Source: SoSoValue
Despite the overall negative flow, not all ETFs experienced outflows. BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded $42.98 million in net inflows. Fidelity’s FBTC also saw positive movement, with $8.85 million in inflows, while VanEck’s HODL added $3.82 million. The remaining eight funds, including Grayscale’s GBTC, reported no significant changes for the day.
ETFs’ Cumulative Net Inflows Hit $21.15B
The $79 million net outflow on Tuesday reduced the cumulative net inflows of the 12 ETFs to $21.15 billion. Additionally, these ETFs’ total daily trading volume decreased to $1.4 billion from $1.76 billion the previous day. This downturn follows a period where spot Bitcoin ETFs attracted over $2.67 billion during their seven-day inflow streak, a level comparable to their peak inflows in March.
BlackRock’s IBIT was a major contributor to the inflows during the streak, drawing in approximately $1.5 billion. This influx coincided with Bitcoin’s price rally, which saw the cryptocurrency surpass $69,300 on Monday. The close relationship between ETF inflows and Bitcoin’s market performance shows the influence of these financial products on crypto markets.
Meanwhile, spot Ether ETFs in the US reported net inflows of $11.94 million on Tuesday, entirely driven by BlackRock’s ETHA. The other eight Ether funds showed no significant activity, maintaining a steady state amidst the fluctuating Bitcoin market.
The total trading volume for spot Ether ETFs amounted to $118.4 million, down from $163.18 million on Monday. Since their inception, these funds have experienced cumulative net outflows of $488.85 million.
Bitcoin Futures Hit $40.5 Billion OI Record
Bitcoin BTC $66 433 24h volatility: 1.0% Market cap: $1.31 T Vol. 24h: $27.13 B futures surged to a record $40.5 billion in open interest (OI) on October 21, according to CoinGlass. OI measures the total value of outstanding futures contracts yet to expire, offering insight into market activity and investor involvement in Bitcoin derivatives. The Chicago Mercantile Exchange (CME) dominates with 30.7% of Bitcoin futures OI, followed by Binance at 20.4% and Bybit at 15%.
Bitcoin price fell 0.48% in the past 24 hours to $66,620. Ether also dropped 1.90% to settle at $2,580. These shifts highlight the cryptocurrency market’s ongoing volatility, driven by fluctuating ETF flows.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
