Spot Bitcoin ETFs record $294m inflows despite BTC retreating below $67K

Spot Bitcoin exchange-traded funds recorded net inflows of $294.29 million on October 22 even as the price of Bitcoin fell below $67,000.

On October 22, Bitcoin saw a 3.25% price decline, falling from an intraday high of $69,227 to $66,975. This decline contributed to the long liquidation of more than $167 million in the crypto market; Bitcoin alone accounted for $40.53 million of these liquidations, second only to Ethereum, which saw extended liquidations of $55.9 million.

At the time of writing, Bitcoin (BTC) was trading around $67,500, down 2.3% in the last 24 hours.

The decline in Bitcoin price has not dampened investors’ confidence in spot Bitcoin ETFs, which have recorded seven consecutive days of inflows. US-based spot Bitcoin ETFs finished last week with total inflows of over $2.1 billion and continued the trend with an additional $294.29 million earlier this week.

BlackRock’s IBIT led this rise, generating $329.03 million in revenue on October 21. The IBIT fund has quickly emerged as the investment vehicle of choice for those looking to invest in Bitcoin, generating over $1 billion in net inflows last week alone, accounting for half of all spot Bitcoin ETF inflows in the US.

The fund’s strong performance has placed it third overall in year-to-date inflows, surpassing Vanguard’s Total Stock Market ETF, according to Bloomberg ETF analyst Eric Balchunas.

Fidelity’s FBTC also reported earnings on Monday, with inflows of about $5.9 million. But not all ETFs have shared this success. Competing funds such as Bitwise’s BITB, ARK and 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC have achieved over $40 million in total redemptions, while other ETFs have not seen any inflows.

Ethereum ETFs face outflows amid market downturn

While Bitcoin ETFs saw strong inflows, Ethereum-based ETFs faced a different scenario.

On October 21, spot Ethereum ETFs recorded a net outflow of $20.8 million, ending a three-day inflow streak. Grayscale’s ETHE led the outflows, with $29.58 million exiting the fund.

BlackRock’s ETHA and VanEck’s ETHV managed to offset some outflows, recording inflows of $4.86 million and $3.92 million, respectively. However, the remaining spot Ethereum ETFs did not see any activity on the day.

At the time of writing, Ethereum (ETH) was trading at $2,643, down 3.4% in the last 24 hours.