The US Bitcoin ETFs experienced a sudden reversal in their inflow trend, marking their first outflow in over a week. This shift comes as Bitcoin ($BTC) trades near the $67,200 mark, a critical level that has seen relatively stable action recently. Despite this, institutional interest remains strong, particularly from BlackRock’s Bitcoin ETF, IBIT, which continues to add to its holdings aggressively.
For the past seven days, Bitcoin ETFs have seen impressive inflows, with daily net additions peaking at $556 million on the 178th trading day. However, the positive streak has come to an end, with the latest daily net flow dipping into the red at—$79 million. The chart shows a mixed pattern of smaller outflows earlier in the month, with larger inflows dominating. This fluctuation suggests uncertainty among institutional investors, who may be waiting for clearer market signals.
The surge of inflows leading up to this outflow suggests optimism in the market, with ETFs positioning themselves ahead of what many believe could be a significant Bitcoin price rally. The sustained inflows had Bitcoin ETF holdings climb, but the recent outflow highlights some hesitancy.
BlackRock’s Dominance Continues
According to Spot-on-Chain, despite the broader market pullback, BlackRock’s Bitcoin ETF, IBIT, continues to build its position. Over the past seven days, the fund has accumulated 22,480 BTC, roughly $1.51 billion. This aggressive accumulation brings BlackRock’s total holdings to 392,121 BTC, underlining its confidence in the cryptocurrency.
Market participants have closely watched BlackRock’s dominance in the Bitcoin ETF space. Despite the broader ETF outflows, its continued buying is seen as a strong indicator of long-term institutional confidence. Analysts suggest this may also be tied to expectations of regulatory clarity or Bitcoin price movements. As Bitcoin hovers around the $67,200 mark, traders and analysts question whether the cryptocurrency will break out of its current range. With just a few days remaining in October, many look to key indicators such as open interest (OI) and institutional movements to determine the next potential move.
While the recent outflows may signal caution among ETF investors, BlackRock’s consistent accumulation paints a more optimistic picture of Bitcoin’s long-term trajectory. Whether Bitcoin will maintain its momentum or see a pullback remains to be seen, but all eyes will be on the final trading days of October.
