Bitcoin exchange-traded funds (ETFs) registered net outflows on Oct. 22, 2024, halting a seven-day streak of inflows that had accumulated over $2.6 billion since Oct. 11. The total outflow amounted to $79.1 million, marking the first negative flow since Oct. 10.
The iShares Bitcoin Trust (IBIT) reported inflows of $43 million on Oct. 22, a decrease from its previous daily gains. In contrast, ARK’s Bitcoin ETF (ARKB) experienced significant outflows of $134.7 million, contributing to the overall negative figure. Other funds, such as Fidelity’s FBTC, saw modest inflows, while ETFs like Bitwise’s BITB and VanEck’s HODL recorded minor outflows.
This shift follows consistent investor interest in Bitcoin ETFs, which had seen substantial capital inflows over the past week. The reversal may indicate a change in market sentiment or a strategic reallocation of assets by investors after the last Bitcoin halving in April 2024.
Analysts are monitoring these developments to assess whether this outflow is a temporary fluctuation or the beginning of a new trend in the crypto investment landscape. The performance of leading ETFs like IBIT will be crucial in understanding future market movements.
Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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