Bitcoin spot exchange-traded funds (ETFs) in the United States recorded their largest combined daily outflow since September 26 on Monday, with $326.4 million leaving the market, according to Farside data.
However, BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF by assets in the market, bucked the broader trend by continuing to see inflows.
Over the past two trading sessions, IBIT recorded $134 million in new flows, even as the price of bitcoin fell from $122,000 to $107,000.
The fund has now recorded 10 consecutive trading days of collections. However, net inflows over the past two trading days were significantly lower than the previous eight sessions, each of which saw at least $200 million in inflows. In contrast, the most recent sessions saw inflows drop sharply to $74.2 million and $60.4 million, respectively, according to Farside data.
Data from Glassnode shows that IBIT flows have historically closely mirrored Bitcoin’s price action, with inflows increasing during rallies and outflows following price declines. Since Bitcoin hit an all-time high of $126,000 on October 6, followed by a roughly 20% correction, IBIT has seen consistent inflows, even though many other ETF issuers have experienced redemptions or no inflows at all.
US Market Yields Weaken
Velo data shows that bitcoin’s performance during U.S. trading hours has weakened significantly since bitcoin’s all-time high.
In the first days of October, the asset rose more than 10% during U.S. hours over the past month, but that figure has since fallen to 1.7%.
Despite this decline, bitcoin continues to outperform during U.S. trading hours compared to trading sessions in Europe and Asia, both of which have seen negative returns over the past month.
