Key Takeaways
- • U.S. spot Bitcoin ETFs drew $526.6 million in net inflows on Monday, October 19, their largest single-day total since September 22, according to the primary report.
- • BlackRock's iShares Bitcoin Trust (IBIT) took in $665.16 million, its strongest day since October 7, 2025, while every other fund recorded outflows or no flow.
- • The inflow cut October's cumulative deficit from about $615 million to roughly $88 million after $907 million left the funds over the prior two weeks.
- • Fidelity's FBTC lost $83.63 million and Grayscale's GBTC lost $54.93 million, underscoring the concentration of demand in IBIT.
- • Flows have tracked the 10-year Treasury yield, which peaked at 5.31% on October 5 before easing to 5.10%, as traders pared expectations for an October Fed hike.
Summary
U.S. spot Bitcoin ETFs took in $526.6 million in net inflows on Monday, October 19, their largest single-day total since September 22. The inflow was driven almost entirely by BlackRock's iShares Bitcoin Trust (NASDAQ: IBIT), which drew $665.16 million, its strongest day since October 7, 2025. Fidelity's Wise Origin Bitcoin Fund (FBTC) shed $83.63 million and the Grayscale Bitcoin Trust (GBTC) lost $54.93 million, while the remaining nine funds recorded zero net flow. IBIT's inflow therefore exceeded the category's net figure by $138.6 million.
The inflow reversed a sharp outflow on Friday, October 16, when the category posted $82.4 million in net withdrawals, including $71.8 million from IBIT. The Monday figure lifted October's cumulative position from a deficit of about $615 million to roughly $88 million, according to the report. Bitcoin traded near $81,500 on Monday and reached $83,042 on Tuesday, still 7% below its October 2 high of $87,229. IBIT held $66.37 billion in net assets, about 63% of the $105.46 billion held across all U.S. spot Bitcoin ETFs, and accounted for 84% of Monday's $2.09 billion in spot ETF trading volume.
The report links October's flows to interest-rate expectations. The 10-year Treasury yield peaked at 5.31% on October 5, and the heaviest outflows followed on October 7 and 8. Fed fund futures had priced a 44% chance of a hike at the October 27-28 meeting on October 14, a probability that fell to between 15% and 17% after Fed Chair Kevin Warsh declined to signal the next decision. As yields eased to 5.10%, flows turned positive. Upcoming catalysts include the core PCE reading due October 29 and futures pricing of an 89% chance of a December hike.
The report also notes a concentration of demand in one product. Ether ETFs lost $103.3 million on Monday, a fourth straight outflow session, and Solana ETFs lost $6.72 million. On the same day, BlackRock filed a preliminary prospectus with the SEC for the iShares Bitcoin Managed Protection ETF (proposed ticker PBIT), a defined-outcome product that would use options on IBIT. Total net assets across U.S. spot Bitcoin ETFs reached $105.46 billion, about 6.40% of Bitcoin's market capitalization.
The inflow reversed a sharp outflow on Friday, October 16, when the category posted $82.4 million in net withdrawals, including $71.8 million from IBIT. The Monday figure lifted October's cumulative position from a deficit of about $615 million to roughly $88 million, according to the report. Bitcoin traded near $81,500 on Monday and reached $83,042 on Tuesday, still 7% below its October 2 high of $87,229. IBIT held $66.37 billion in net assets, about 63% of the $105.46 billion held across all U.S. spot Bitcoin ETFs, and accounted for 84% of Monday's $2.09 billion in spot ETF trading volume.
The report links October's flows to interest-rate expectations. The 10-year Treasury yield peaked at 5.31% on October 5, and the heaviest outflows followed on October 7 and 8. Fed fund futures had priced a 44% chance of a hike at the October 27-28 meeting on October 14, a probability that fell to between 15% and 17% after Fed Chair Kevin Warsh declined to signal the next decision. As yields eased to 5.10%, flows turned positive. Upcoming catalysts include the core PCE reading due October 29 and futures pricing of an 89% chance of a December hike.
The report also notes a concentration of demand in one product. Ether ETFs lost $103.3 million on Monday, a fourth straight outflow session, and Solana ETFs lost $6.72 million. On the same day, BlackRock filed a preliminary prospectus with the SEC for the iShares Bitcoin Managed Protection ETF (proposed ticker PBIT), a defined-outcome product that would use options on IBIT. Total net assets across U.S. spot Bitcoin ETFs reached $105.46 billion, about 6.40% of Bitcoin's market capitalization.
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