US spot bitcoin exchange-traded funds (ETFs) on Monday recorded their largest combined daily outflow since September 26, with $326.4 million leaving the market, according to data from Farside.
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 last two trading sessions, IBIT has recorded $134 million in new inflows, even as the price of bitcoin fell from $122,000 to $107,000.
The fund has already recorded 10 consecutive business days of inflows. However, net inflows over the past two trading days were significantly lower compared to the previous eight sessions, each of which saw at least $200 million in inflows. By contrast, in the most recent sessions inflows fell sharply to $74.2 million and $60.4 million, respectively, according to Farside data.
Glassnode data shows that IBIT flows have closely mirrored bitcoin price action historically, with inflows rising during rallies and outflows following price declines. Since bitcoin hit an all-time high of $126,000 on October 6, subsequently followed by a roughly 20% correction, IBIT has seen consistent inflows, even as many other ETF issuers have seen redemptions or no flows at all.
US market returns weaken
Velo data shows that bitcoin’s performance during US trading hours has weakened considerably, from bitcoin’s all-time high.
In the first days of October, the asset rose more than 10% during US time over the past month, but that figure has since fallen to 1.7%.
Despite this drop, bitcoin continues to perform better during US time compared to trading sessions in Europe and Asia, which had negative returns over the past month.
