Key Takeaways
- • US spot Bitcoin ETFs took in $286.3 million across October 26 and 27, with BlackRock's IBIT contributing $261.8 million, or 91.4% of the two-day total.
- • IBIT has captured 96.3% of US spot Bitcoin ETF net inflows since August, while rival funds recorded redemptions over the period.
- • In October, IBIT averaged $48.1 million of daily net inflows while competing funds lost $59.4 million a day, a combined daily outflow of $11.3 million across 18 sessions.
- • Total US spot Bitcoin ETF net assets stood at $103.94 billion on October 27, equal to 6.4% of Bitcoin's market value; IBIT held $65.52 billion of that.
- • The two-day rebound faces a test on October 28, the first session after the Federal Reserve held rates at 3.75% to 4.00% in a 10-2 vote, with two dissenters favoring a hike.
Summary
US spot Bitcoin ETFs recorded $176.0 million of net inflows on Tuesday, October 27, after $110.3 million on Monday, October 26, a two-session total of $286.3 million that ended a volatile stretch of withdrawals. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $151.5 million of Tuesday's total and all of Monday's inflows, while Fidelity's Wise Origin Bitcoin Fund (FBTC) took $24.5 million on Tuesday. The other ten funds, including Grayscale's GBTC, recorded no net flow on either day, according to the source's fund-level data.
The concentration in flows is the central theme. Between August 1 and October 26, IBIT took in a net $5.7 billion while all other funds combined took in $221 million. In October, IBIT averaged $48.1 million of daily net inflows against a daily average loss of $59.4 million across competing funds. Tallies of October's month-to-date net flows differ by methodology: one count showed about minus $26.1 million before Tuesday's inflows, while another put net outflows at roughly $202 million to $203 million through Monday, with IBIT adding $866 million and rival funds losing more than $1 billion. Both counts agree that October has been weak for the category as a whole.
The category's scale remains large. Cumulative net inflows since the January 2024 launch reached $57.47 billion. IBIT's cumulative net inflows of $66.40 billion exceed the category's net total because GBTC has lost about $28 billion. The source attributes IBIT's lead largely to liquidity, including tighter bid-ask spreads, deep options markets and reliable creation and redemption mechanics.
The macro backdrop has driven sharp swings. Flows were $526.7 million positive on October 19 and $524.8 million on October 21, then reversed to a $635.5 million outflow on October 22, the largest single-day outflow since June 25, as Brent oil rose above $112 and the Nasdaq fell 2.6%. Another $137.9 million left on October 23. Bitcoin rebounded to nearly $80,700 on Monday and pushed above $81,000 on Tuesday, with a reading near $81,280 ahead of the Fed decision.
Wednesday's flows, which had not been published by the US evening, will reflect investor reaction to the Federal Reserve's decision to hold rates at 3.75% to 4.00%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of an immediate quarter-point hike, and Chair Kevin Warsh said there is no soft inflation target. Friday's Bitcoin options expiry, with more than $11 billion in notional value, adds a further factor, according to the source.
The concentration in flows is the central theme. Between August 1 and October 26, IBIT took in a net $5.7 billion while all other funds combined took in $221 million. In October, IBIT averaged $48.1 million of daily net inflows against a daily average loss of $59.4 million across competing funds. Tallies of October's month-to-date net flows differ by methodology: one count showed about minus $26.1 million before Tuesday's inflows, while another put net outflows at roughly $202 million to $203 million through Monday, with IBIT adding $866 million and rival funds losing more than $1 billion. Both counts agree that October has been weak for the category as a whole.
The category's scale remains large. Cumulative net inflows since the January 2024 launch reached $57.47 billion. IBIT's cumulative net inflows of $66.40 billion exceed the category's net total because GBTC has lost about $28 billion. The source attributes IBIT's lead largely to liquidity, including tighter bid-ask spreads, deep options markets and reliable creation and redemption mechanics.
The macro backdrop has driven sharp swings. Flows were $526.7 million positive on October 19 and $524.8 million on October 21, then reversed to a $635.5 million outflow on October 22, the largest single-day outflow since June 25, as Brent oil rose above $112 and the Nasdaq fell 2.6%. Another $137.9 million left on October 23. Bitcoin rebounded to nearly $80,700 on Monday and pushed above $81,000 on Tuesday, with a reading near $81,280 ahead of the Fed decision.
Wednesday's flows, which had not been published by the US evening, will reflect investor reaction to the Federal Reserve's decision to hold rates at 3.75% to 4.00%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of an immediate quarter-point hike, and Chair Kevin Warsh said there is no soft inflation target. Friday's Bitcoin options expiry, with more than $11 billion in notional value, adds a further factor, according to the source.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.