Bitcoin ETF’s $79M Outflow Ends 2-Week Bull Run Amid ‘Side’ BTC Price
As BTC's price action strengthened, Bitcoin institutional investors stopped their recent buying trades.
Bitcoin (BTC) exchange-traded funds (ETFs) turned negative for the first time in two weeks, with investment sources including UK-based offshore investors entering the US space.
Bitcoin ETF interest is frozen by BTC price
BTC's price action is already taking its toll on institutional demand – even as BTC/USD hovers within 10% of all-time highs.
US ETF revenues turned negative on Oct. 22, down a total of $79.1 million.
The “red” daily total was achieved by one ETF product, the ARK 21Shares Bitcoin ETF, which had a cost of $134 million. The rest of the products that come in or have seen no movement, Farside shows.
The largest ETF under management by assets, BlackRock's iShares Bitcoin ETF ( IBIT ), manages $43 million in revenue — still well below the $329 million a day earlier.
“Price only goes sideways to $67k,” wrote analyst WhalePanda in his coverage of ongoing flows on X.
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
The last time U.S. ETFs ended a day with net negative inflows was Oct. 10, when they drew $81.1 million.
ETFs are one of the “big stories” of the crypto markets.
As Cointelegraph reports, ETFs have experienced a massive renaissance over the past month.
RELATED: Bitcoin Price Seeks New Above $69K ‘Mid-Week' As US Dollar Rises
Data uploaded to X this week by Ki Yang Ju, founder of onchain analytics platform CryptoQuant, confirmed that institutional ETF ownership is now around 20% as of October 18th.
“Thanks to identifying ETFs, 1,179 institutions have joined Bitcoin's cap table this year,” Kee added.
Institutional ownership of US spot Bitcoin ETF. Source: Ki Yang Ju/X
In addition to domestic demand, European investors allocate more than $100 million annually to American products.
Last week, net income passed the $20 billion milestone for the first time, while total assets under management hit a record $65 billion.
In recent research published in conjunction with the largest US exchange, Coinbase, onchain analytics firm Glassnode called the ETF's success “one of the biggest stories in the market.”
“In Q3, US-based Bitcoin ETFs saw net inflows of more than $5 billion, highlighting the strong demand among institutional investors for direct exposure to Bitcoin,” he said.
“These ETFs have become key drivers of liquidity and accessibility, making it easier for a wide range of market participants to gain exposure to Bitcoin without the complexities of direct ownership.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
