U.S. Spot Bitcoin ETFs saw their first net outflows after a seven-day streak of positive inflows. According to SoSoValue, the 12 spot Bitcoin ETFs collectively experienced $79.09 million in outflows on Tuesday, with Ark and 21Shares’ ARKB fund leading the decline, losing $134.74 million.
BlackRock’s IBIT Leads Inflows with $42 Million
Despite the overall outflows, BlackRock’s IBIT, the largest spot Bitcoin ETF by assets, attracted $42.98 million in net inflows. Other ETFs, such as Fidelity’s FBTC and VanEck’s HODL, saw $8.85 million and $3.82 million in inflows, respectively. However, eight other funds, including Grayscale’s GBTC, reported no changes in their net flows.
The cumulative net inflows for all 12 spot Bitcoin ETFs now stand at $21.15 billion. Meanwhile, daily trading volume for these ETFs dropped to $1.4 billion, down from $1.76 billion the previous day. This marked the end of a seven-day period during which spot Bitcoin ETFs had attracted over $2.67 billion, with BlackRock’s IBIT pulling in $1.5 billion.
Bitcoin and Ethereum ETFs Performance
Bitcoin prices surged to over $69,400 on Monday, but following Tuesday’s outflows, the price dipped 0.38% to $67,038. Ethereum spot ETFs, however, showed net inflows of $11.94 million, driven by BlackRock’s ETHA fund, despite Ether’s price slipping 0.99% to $2,611.
Investor Sentiment Driven by Election Expectations
Investor optimism remains high, attributed to expectations of a Republican victory in the upcoming U.S. elections, which many believe will be more favorable for digital assets. Last week, the broader digital asset market experienced a surge, with $2.2 billion in inflows, the largest since July. Bitcoin drove most of this, securing $2.13 billion, while short Bitcoin products saw $12 million in inflows.
Bitcoin Futures Open Interest Hits Record $40.5 Billion
Bitcoin futures also reached new highs, with open interest (OI) hitting a record $40.5 billion on October 21. The Chicago Mercantile Exchange (CME) held the largest share, accounting for 30.7% of total Bitcoin futures OI, followed by Binance at 20.4% and Bybit at 15%. Open interest is a key indicator of market activity and can signal increased leverage, potentially leading to greater volatility.
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