Spot Bitcoin ETFs Break 2-Week Bullish Trend With $79M Outflows As BTC Falls

US spot Bitcoin exchange-traded funds (ETFs) have broken their 2 weeks streak of positive flows. On Tuesday, the funds saw net outflows of over $79 million, led by Ark Invest and 21Shares' ARKB.

This outflow comes as Bitcoin's price declined from the $69,000 threshold to around $66,500.

Spot Bitcoin ETFs Break Two-Week Streak Of Positive Flows

On Tuesday, October 22, the US spot Bitcoin ETFs saw net outflows of $79.1 million, according to data from Farside Investors.

Ark Invest and 21Shares' ARKB solely contributed to the massive exit, with net outflows of $134.7 million for the day. It was the only product with net negative flows on Tuesday.

On the other hand, BlackRock's IBIT recorded $43 million in net inflows, bringing its total net inflows to over $23.21 billion as of October 22. Fidelity's FBTC and VanEck's HODL recorded net inflows of $8.8 million and $3.8 million, respectively. The remaining eight ETFs closed zero net flows for the day.

Notably, US spot Bitcoin ETFs saw their last net outflows of $81.1 million on October 10. Since then, the products have maintained a streak of net positive flows, accumulating over $2.67 billion in assets.

As of October 22, all the ETFs had net inflows of $21.22 billion. Their daily trade volume amounted to $1.40 billion on Tuesday, up from $1.76 billion the previous day.

The spot Bitcoin ETFs flow change came as Bitcoin's price plummeted to the $67,000 region after rising above $69,000 on Monday. BTC trades at $66,639, reflecting a 1.3% decline over the past 24 hours.

Meanwhile, Ethereum-based ETFs saw net inflows of $11.9 million, entirely pioneered by BlackRock's Ether ETF.

US Spot Bitcoin ETFs Garner More Adoption

The US spot Bitcoin ETFs have witnessed more traction with increasing interest from both institutional and retail investors. The funds have become a significant driver of liquidity and accessibility in the crypto market.

In an X post, Ki Young Ju, co-founder of on-chain analytics firm CryptoQuant, indicated that institutional crypto ETF ownership has hit 20%. He noted that asset managers now hold about 194,000 BTC tokens.

Institutional ownership of U.S. #Bitcoin Spot ETFs is around 20%, with asset managers holding 193K BTC (per Form 13F filings). pic.twitter.com/9YTOEH3G5w

- Ki Young Ju (@ki_young_ju) October 22, 2024

Further, Ki said that spot Bitcoin ETFs provided the platform for 1,179 institutions to join Bitcoin's cap table this year.

Besides local participants, the funds have attracted the interest of international investors worldwide. Bloomberg senior ETF analyst Eric Balchunasrevealedthat European investors had allocated $105 billion into US spot ETFs YTD. Similarly, Asian investors are channeling funds to the ETFs as well.

Impressively, the US spot Bitcoin ETFs have hit a record high of $65 billion in total assets.

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