Spot Bitcoin ETFs See $294 Million in Inflows Despite BTC Dropping Below $67K

On October 22, spot Bitcoin exchange-traded funds (ETFs) recorded $294.29 million in net inflows, even as Bitcoin's price dipped below $67,000. Bitcoin experienced a 3.25% drop that day, falling from an intraday high of $69,227 to a low of $66,975. This decline resulted in over $167 million in long liquidations across the crypto market, with Bitcoin alone accounting for $40.53 million, while Ethereum faced $55.9 million in long liquidations.

As of the latest update, Bitcoin was trading around $67,500, down 2.3% over the past 24 hours. Despite the price drop, investor confidence in spot Bitcoin ETFs remains strong, with inflows continuing for seven consecutive days. U.S.-based spot Bitcoin ETFs reported over $2.1 billion in total inflows last week, adding another $294.29 million at the start of this week.

Leading the inflows on October 21 was BlackRock’s IBIT, which attracted $329.03 million. This fund has quickly gained popularity among investors seeking Bitcoin exposure, accumulating over $1 billion in net inflows last week alone, which accounted for half of all U.S. spot Bitcoin ETF inflows. The IBIT’s strong performance has propelled it ahead of Vanguard’s Total Stock Market ETF in year-to-date inflows, placing it third overall, according to Bloomberg ETF analyst Eric Balchunas.

Fidelity’s FBTC also reported inflows of approximately $5.9 million on Monday. However, not all ETFs experienced similar success; competitors like Bitwise’s BITB, ARK and 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC saw redemptions totaling over $40 million, while other funds recorded no inflows.

Ethereum ETFs Experience Outflows Amid Market Dip

In contrast to the strong performance of Bitcoin ETFs, Ethereum-based ETFs faced a downturn. On October 21, spot Ethereum ETFs recorded $20.8 million in net outflows, ending a three-day inflow streak. Grayscale’s ETHE led the outflows with $29.58 million exiting the fund.

While BlackRock’s ETHA and VanEck’s ETHV managed to mitigate some losses with inflows of $4.86 million and $3.92 million, respectively, the majority of other spot Ethereum ETFs saw no activity for the day.

At the time of writing, Ethereum was trading at $2,643, down 3.4% over the past 24 hours.