- US spot bitcoin ETFs attracted $526.6 million on Monday, the largest daily net inflow in nearly a month. BlackRock’s IBIT took $665.2 million of that, its biggest daily inflow since October 7 last year, meaning the rest of the complex lost about $139 million.
- Fidelity’s FBTC shed $83.6 million and Grayscale’s GBTC $54.9 million, while every remaining fund recorded no net flows at all. That is concentration rather than breadth, and the absence of activity elsewhere suggests little retail or advisory participation.
- BlackRock appears on both sides of the day. Its ether fund ETHA accounted for $95.4 million of the $103.3 million that left ether products in their fourth consecutive session of outflows, which is 92% of the total.
- October remains negative. Despite the strongest day in a month, bitcoin funds are still about $90.5 million in the red for the month, having only just erased last week’s $228.5 million of withdrawals.
What Happened?
The funds last drew more on September 22, when they added $714.7 million. Figures come from SoSoValue, with the October total calculated by CoinDesk.
Why It Matters?
The pattern looks more like one allocator rotating between two products from the same issuer than like broad demand for bitcoin. IBIT recorded its largest inflow in a year on the same day that ETHA produced almost all of the ether complex’s outflows, both BlackRock vehicles, with other issuers either selling or inactive. A single institution moving a position from ether to bitcoin through the same fund family would produce exactly this data. That is a different proposition from new money entering the asset class, and it matters for anyone reading flows as a demand signal. The test set after last week’s figures was two consecutive days of inflows, which would indicate buyers with conviction rather than a single transaction. One day from one issuer does not meet it, and the monthly total remains negative. Flow data in these products has been distorted before, as when more than $1 billion of a mortgage ETF’s outflow turned out to be BlackRock moving money between its own funds, so concentration of this kind warrants scrutiny rather than a headline. The zero net flows across every other fund is the detail that confirms it. In a genuine demand episode, smaller issuers see activity too, because advisers and retail investors use the products available on their platforms. None did. Whatever happened on Monday happened once, in one place.
What Next?
Tuesday’s figures are the immediate test and a second day of inflows, particularly if spread across issuers, would change the interpretation. Ether funds have now seen four consecutive sessions of outflows, and whether that continues alongside bitcoin inflows would support the rotation reading. The monthly total is the better measure than any single session, and it remains negative. Markets reversed Monday’s rebound on Tuesday, so the flow picture may follow.
Affected Tickers and Coins: IBIT, FBTC, GBTC, ETHA, BLK, BTC, ETH
Source: CoinDesk
