U.S. spot Bitcoin exchange-traded funds took in $526.7 million on Monday, Oct. 19, their largest single-day inflow since Sept. 22. BlackRock’s iShares Bitcoin Trust, known as IBIT, drew $665.2 million that day, more than the whole net figure for the sector. Fidelity’s FBTC and Grayscale’s GBTC both lost money.
The gains did not extend across crypto funds. Spot Ethereum ETFs lost $103 million on the same day, their fourth straight session of outflows. Solana ETFs lost $6.7 million. Combined, Bitcoin, Ethereum and Solana funds took in roughly $417 million on the day.
A month still in the red
The rebound did little to change the month so far. Net outflows from U.S. spot Bitcoin ETFs for October stand at about $88 million, down from roughly $615 million earlier in the month. Over the two weeks before Oct. 19, the funds shed approximately $910 million.
The worst day was Oct. 7, when outflows reached $484.9 million, the heaviest since June. Friday, Oct. 17, saw another $82.4 million leave. Outflows on Oct. 14 totalled $261.4 million, a day that coincided with the release of the September consumer price report.
Macro pressure and cost basis
Inflation remains the backdrop. U.S. consumer prices rose 3.7 percent in the 12 months through September, and the energy index climbed 20.4 percent. Brent crude traded between $108 and $110 a barrel on Oct. 19, after weekend attacks on tankers in the Persian Gulf. The 10-year Treasury yield held above 5 percent, and the 30-year touched about 5.7 percent on Oct. 7.
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The Federal Reserve meets Oct. 27-28. Persistent inflation keeps it leaning toward a further increase, after its September move of 0.25 percentage points. Nexo analyst Iliya Kalchev estimates the average cost basis for ETF holders at around $82,300, against a Bitcoin price of roughly $82,000 on Oct. 19.
By our market data, as of 00:41 GMT on 21 October, bitcoin traded at $83,090, ether at $2,452.15 and solana at $106.63.
Related: Ethereum funds draw record $216 million in day · Bitcoin Dips to $79,834 While Ether and Solana Advance
Data: CoinGecko
