Bitcoin exchange-traded funds (ETFs) experienced varied performance in recent days. On October 22, these funds faced a net outflow of $79.1 million, bringing an end to a seven-day streak of inflows totaling over $2.4 billion since October 14.
Significant Inflows for iShares Bitcoin Trust on October 23
On October 23, ETFs saw a rebound with a net inflow of $192.4 million. The iShares Bitcoin Trust (IBIT) led the market by attracting $317.5 million in new investments. However, ARK’s Bitcoin ETF (ARKB) recorded substantial outflows of $99 million, and Bitwise’s BITB also saw a withdrawal of $25.2 million.
Continued Inflows on October 24 Despite Minor Outflows
The next day, on October 24, ETFs continued to show positive momentum with a net inflow of $188 million. The iShares Bitcoin Trust (IBIT) maintained its strong performance, adding $165.5 million. Bitwise’s BITB managed to reverse its previous outflows by bringing in $29.6 million. Despite these gains, Grayscale’s BTC fund experienced a minor outflow of $7.1 million.
BlackRock’s Dominance and Market Reactions
The sustained inflows into IBIT underscore its growing importance in providing traditional investors with exposure to Bitcoin. Nate Geraci, President of the ETF Store, highlighted that BlackRock’s performance on October 24 alone “would easily put IBIT in the top 10% of all launches in 2024 (out of 575+ ETFs).” On the other hand, the outflows from ARKB may indicate profit-taking or changes in investment strategies.
The post Bitcoin ETFs see $380 net inflow in 2 days with BlackRock leading the charge appeared first on CryptoSlate.
