BlackRock’s IBIT Bitcoin ETF attracted a significant $318.8 million in net inflows on Oct. 31, despite a 4% drop in Bitcoin’s price to approximately $68,800. This influx followed the fund’s record-breaking performance the previous day, where it gathered $872 million, surpassing its previous peak of $849 million set in March. Weekly inflows for the fund now exceed $2.1 billion.
In contrast, the 12 spot Bitcoin ETFs collectively only saw $32.3 million in net inflows on Oct. 31, a notable decrease from the $893.3 million seen the day before. Valkyrie’s BRRR was the only other fund to experience positive flows on Thursday, with $1.9 million gained. However, other prominent funds like Fidelity’s FBTC, ARK 21Shares’ ARKB, Bitwise’s BITB, VanEck’s HODL, and Grayscale’s GBTC all recorded significant outflows totaling $213.2 million.
BlackRock’s IBIT has emerged as a standout performer, outshining traditional ETFs like VOO, IVV, and AGG in the past week, attracting more investor capital than any other ETF. Launched less than ten months ago, IBIT has amassed nearly $30 billion in assets, with half of that gained in the last month alone.
U.S.-based spot Bitcoin ETFs now collectively hold over 1 million Bitcoin, inching closer to the estimated 1.1 million BTC believed to be in the wallet of Bitcoin’s mysterious creator, Satoshi Nakamoto.
Inflows into IBIT and BRRR came amidst a wider decline in Bitcoin’s market performance, with the digital asset’s price dropping by 4.6% on Oct. 31. Spot Ether ETFs, on the other hand, saw modest yet positive inflows totaling $13 million, driven by BlackRock’s ETHA. Grayscale’s ETHE experienced outflows of $36.6 million, while other Ethereum ETFs remained neutral.
At the time of writing, Ethereum’s price mirrored Bitcoin’s downward trend, falling by 5.3% to $2,507.