Spot Bitcoin Exchange-Traded Funds (ETFs) recorded notable net inflows of $294.29 million on Oct. 22, despite Bitcoin’s price dipping below $67,000.

Bitcoin Price Decline and Market Impact

On Oct. 22, Bitcoin experienced a 3.25% price drop, falling from an intraday high of $69,227 to a low of $66,975. This decline led to over $167 million in long liquidations across the cryptocurrency market, with Bitcoin alone accounting for $40.53 million. Ethereum followed closely, with $55.9 million in long liquidations.

At the time of writing, Bitcoin (BTC) was trading at approximately $67,500, marking a 2.3% decrease over the past 24 hours.

Consistent Inflows in Spot Bitcoin ETFs

Despite the downturn in Bitcoin’s price, investor confidence in spot Bitcoin ETFs remained strong. These ETFs have now observed seven consecutive days of inflows. U.S.-based spot Bitcoin ETFs concluded the previous week with over $2.1 billion in total inflows and continued this trend with an additional $294.29 million at the beginning of this week.

BlackRock’s IBIT led the charge on Oct. 21, attracting $329.03 million. The IBIT fund has rapidly become a preferred investment vehicle for those seeking exposure to Bitcoin, amassing over $1 billion in net inflows last week alone. This accounts for half of all U.S. spot Bitcoin ETF inflows.

BlackRock’s IBIT surpassed Vanguard’s Total Stock Market ETF in year-to-date inflows, positioning it third overall.

Fidelity’s FBTC also reported gains, with approximately $5.9 million in inflows on Monday. However, not all ETFs shared in this success. Competing funds such as Bitwise’s BITB, ARK and 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC experienced redemptions totaling over $40 million, while other ETFs saw no inflows.

Ethereum ETFs Face Outflows Amidst Market Downturn

While Bitcoin ETFs saw robust inflows, Ethereum-based ETFs faced a different scenario.

On Oct. 21, spot Ethereum ETFs recorded $20.8 million in net outflows, ending a three-day streak of inflows. Grayscale’s ETHE led the outflows, with $29.58 million exiting the fund.

BlackRock’s ETHA and VanEck’s ETHV managed to offset some of the outflows, recording inflows of $4.86 million and $3.92 million, respectively. However, the remaining spot Ethereum ETFs saw no activity for the day.

At the time of writing, Ethereum (ETH) was trading at $2,643, marking a 3.4% decrease over the past 24 hours.

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