Coin World News:
Source: Niu Guolu Yao
On October 22nd, despite the Bitcoin price falling below $67,000, the net inflow of Bitcoin exchange-traded funds (ETFs) still reached $294.29 million.
On October 22nd, the Bitcoin price dropped by 3.25%, falling from a high of $69,227 to a low of $66,975. This decline led to a total of over $167 million in liquidations in the entire cryptocurrency market, with Bitcoin alone accounting for $40.53 million in liquidations, second only to Ethereum, which had $55.9 million in liquidations.
At the time of writing this article, the Bitcoin trading price is approximately $67,617, a decrease of 1.5% in the past 24 hours.
The decline in Bitcoin price has not weakened investors’ confidence in Bitcoin ETFs. Currently, Bitcoin ETFs have experienced continuous inflows for seven consecutive days. Last week, the total inflow of US Bitcoin ETFs exceeded $2.1 billion, and this trend continued at the beginning of this week, with inflows reaching $294.29 million.
On October 21st, the IBIT fund under BlackRock led the way, attracting $329.03 million. The IBIT fund quickly became a favored investment tool for investors seeking to invest in Bitcoin, accumulating over $1 billion in net inflows just last week, accounting for half of the inflows of US Bitcoin ETFs.
Eric Balchunas, an ETF analyst at Bloomberg, stated that the strong performance of this fund has made its year-to-date inflows surpass Vanguard Group’s total stock market ETF, ranking third.
Fidelity’s FBTC also reported gains, with a capital inflow of approximately $5.9 million on Monday. However, not all ETFs have been successful. The total redemption amount of competing funds such as Bitwise’s BITB, ARK and 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC exceeded $40 million, while other ETFs did not receive inflows.
The downturn in the market has led to capital outflows from Ethereum ETFs.
Despite the strong inflows into Bitcoin ETFs, Ethereum-based ETFs are facing a different situation.
On October 21st, Ethereum spot ETFs recorded a net outflow of $20.8 million, ending the three-day streak of inflows. Grayscale’s ETHE led the outflow market, with outflows amounting to $29.58 million.
BlackRock’s ETHA and VanEck’s ETHV successfully offset some of the outflows, recording inflows of $4.86 million and $3.92 million, respectively. However, the remaining Ethereum spot ETFs had no activity on that day.
At the time of writing this article, the Ethereum trading price is $2,654, a decrease of 2.5% in the past 24 hours.
