Key Takeaways
- • U.S. spot bitcoin ETFs took in a net $526.7 million on October 19, according to Farside Investors data, their largest single-day inflow since September 22 and a sharp reversal from an $82.4 million outflow on October 16; SoSoValue put the figure at $526.6 million.
- • BlackRock's iShares Bitcoin Trust (IBIT) drew $665.2 million, the only fund with positive flows that day, while Fidelity's FBTC lost $83.6 million and Grayscale's GBTC lost $54.9 million.
- • The session pulled October's cumulative bitcoin ETF flows close to breakeven, with the complex down roughly $88 million for the month through October 19 per Farside.
- • U.S. spot ether ETFs lost $103.3 million on October 19, with BlackRock's ETHA accounting for $95.4 million, marking the fourth straight session of net outflows for the group.
- • Total bitcoin ETF net assets stood at $105.46 billion, roughly 6.4% of bitcoin's market capitalization, with cumulative net inflows since January 2024 at about $57.4 billion.
Summary
The inflow was concentrated in a single product. BlackRock's iShares Bitcoin Trust, IBIT, drew $665.2 million and was the only fund with positive flows on the session. Fidelity's FBTC lost $83.6 million and Grayscale's GBTC lost $54.9 million, while the remaining funds were flat. Spot bitcoin ETF trading volume totaled about $2.09 billion, and total net assets reached $105.46 billion, roughly 6.4% of bitcoin's market capitalization, according to SoSoValue.
The session brought October's tally close to breakeven. By Farside's daily figures, the products were down roughly $88 million for the month through October 19, after heavy redemptions on October 7, 8 and 14. Cumulative net inflows since the products launched in January 2024 stood at about $57.4 billion.
Ether products moved in the opposite direction. U.S. spot ether ETFs lost $103.3 million on October 19, with BlackRock's ETHA accounting for $95.4 million of the redemptions, per Farside data, the fourth consecutive session of net outflows for the group. Solana funds also posted outflows. The divergence suggests the latest allocation was a targeted bitcoin trade concentrated in the largest and most liquid fund, rather than a broad return of risk appetite across digital assets.
For allocators and hedge funds using the ETFs for basis trades and portfolio exposure, the key question is persistence. A one-day surge concentrated in IBIT after two weeks of outflows could reflect a single large buyer or the unwinding of hedged positions. Investors will watch whether inflows broaden to other issuers and whether ether fund redemptions ease in the sessions ahead.
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