Key Points
On October 31, BlackRock’s Bitcoin ETF, IBIT, noted a significant $318.8 million in net inflows. This occurred despite a 4% dip in the price of Bitcoin (BTC), which fell to approximately $68,800.
Data from Farside Investors shows that this capital influx followed IBIT’s record-breaking performance on October 30. On that day, the fund attracted $872 million, surpassing its previous high of $849 million set in March. The fund’s weekly inflows have now exceeded $2.1 billion.
However, the 12 spot Bitcoin ETFs collectively recorded only $32.3 million in net inflows on October 31. This is a significant decrease from the $893.3 million seen the previous day, which was the second-largest single-day inflow since the ETFs’ launch.
Varied Performance Among Other Funds
In the broader pullback of Bitcoin ETFs, only Valkyrie’s BRRR saw positive flows on Thursday, gaining $1.9 million. The broader market saw significant outflows from other prominent funds.
Fidelity’s FBTC ended its two-week streak of positive inflows, losing over $75.2 million. Similarly, ARK 21Shares’ ARKB, Bitwise’s BITB, VanEck’s HODL, and Grayscale’s GBTC collectively experienced outflows totaling $213.2 million.
The performance of BlackRock‘s IBIT stands out, making it a significant contender in both the crypto and wider ETF industry. According to Bloomberg analyst Eric Balchunas, IBIT outperformed major ETFs like VOO, IVV, and AGG in the past week. It attracted more investor capital than any other ETF. In less than ten months, IBIT has swiftly accumulated almost $30 billion in assets, with about half of this amount gained in the last month alone.
U.S.-based spot Bitcoin ETFs now hold over 1 million Bitcoin. This is close to the estimated 1.1 million BTC believed to be held in the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The inflows into IBIT and BRRR occurred amidst a broader decline in Bitcoin’s (BTC) market performance. The digital asset’s price fell 4.6% on Oct. 31, from an intraday high of $72,859 to $69,505. This price drop correlated with widespread liquidations in the crypto market, totaling $246.38 million in long positions. Bitcoin accounted for $78.45 million of these liquidations.
Ethereum ETFs recorded modest yet positive inflows on Oct. 31. The nine spot Ethereum ETFs collectively reported $13 million in net inflows, driven entirely by BlackRock’s ETHA, which saw $49.6 million in new investments.
Grayscale’s ETHE, however, posted outflows of $36.6 million. The remaining Ethereum ETFs remained neutral on the day. At the time of publication, Ethereum’s (ETH) price mirrored Bitcoin’s downward trend, declining by 5.3% to $2,507.
