The largest spot Bitcoin ETF by net assets, BlackRock’s IBIT, saw net inflows of $42.98 million.
After seven days of net inflows, spot Bitcoin exchange-traded funds (ETFs) in the United States saw a reversal in daily flows on Tuesday.
According to data from SoSoValue, the 12 spot Bitcoin ETFs collectively saw $79.09 million in outflows, led by significant withdrawals from Ark and 21Shares’ ARKB fund, which lost $134.74 million.
Despite the overall negative flows, some funds still recorded inflows.
BlackRock’s IBIT Attracts $42 Million
The largest spot Bitcoin ETF by net assets, BlackRock’s IBIT, saw net inflows of $42.98 million, while Fidelity’s FBTC fund saw positive flows of $8.85 million.
Additionally, VanEck’s HODL contributed $3.82 million.
But the net flows for eight other funds, including Grayscale’s GBTC, remained unchanged for the day.
The total net inflows for all 12 spot Bitcoin ETFs dropped to $21.15 billion due to the $79 million in net outflows.
In terms of trading activity, these ETFs’ total daily trading volume fell from $1.76 billion the day before to $1.4 billion on Tuesday.
The withdrawals on Tuesday came after a seven-day period during which spot Bitcoin ETFs brought in over $2.67 billion, with $1.5 billion coming from BlackRock’s IBIT alone.
Bitcoin’s rally, which saw the price of the cryptocurrency soar above $69,400 on Monday, had coincided with the inflows.
Bitcoin spot ETF had a total net outflow of $79.0905 million on October 22, the first net outflow after the net inflow in the past 7 days. Ethereum spot ETF had a net inflow of $11.94 million on October 22. https://t.co/59u0BnDSW8
— Wu Blockchain (@WuBlockchain) October 23, 2024
BlackRock’s ETHA fund was the sole driver of Tuesday’s net inflows of $11.94 million reported by U.S. spot Ether ETFs.
Despite these inflows, The Block’s data shows that Bitcoin dropped 0.38% to $67,038 and Ether dropped 0.99% to $2,611.
With $2.2 billion in inflows for the week—the biggest increase since July—the larger digital asset investment market last week looked hopeful.
Expectations of a Republican win in the next U.S. elections are given credit for the increase in investor sentiment, which may be better for digital assets.
While short Bitcoin products saw significant inflows of $12 million, the largest since March, Bitcoin continued to be the main driver of these inflows, securing $2.13 billion.
Meanwhile, altcoins like Solana, Litecoin, and XRP saw smaller gains, while Ethereum-based products saw inflows of $58 million.
Bitcoin Futures Open Interest Hits Record $40.5 Billion
Open interest (OI) in Bitcoin futures peaked on October 21 at $40.5 billion, setting new records for Bitcoin derivatives.
The largest percentage of open interest in Bitcoin futures, 30.7%, is held by the Chicago Mercantile Exchange (CME), according to data.
Bybit, with 15%, and Binance, with 20.4%, come next.
The spike in open interest came as the price of Bitcoin was getting close to $70,000.
The total value or quantity of outstanding futures contracts that have not yet expired is referred to as open interest.
It is a crucial gauge of investor interest in Bitcoin derivatives and market activity.
An increase in OI may indicate more systemic leverage, which could raise market volatility.
Significant market movements can occur during times of high open interest, especially when prices change significantly.