Spot bitcoin exchange-traded funds (ETFs) in the US moved back to negative daily flows on Tuesday after seven consecutive days of net inflows. This shift followed a period of steady inflows.
Tuesday’s Outflow of $79 Million
According to data from SoSoValue, 12 spot bitcoin ETFs saw a total net outflow of $79.09 million. The most significant outflow came from the ARKB fund by Ark and 21Shares, which saw $134.74 million withdrawn.
On the other hand, BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, reported an inflow of $42.98 million. Fidelity's FBTC fund recorded an inflow of $8.85 million, while VanEck's HODL had a net inflow of $3.82 million. The other eight funds, including Grayscale's GBTC, saw no flows for the day.
The total outflow on Tuesday reduced the cumulative net inflow for these 12 ETFs to $21.15 billion. Daily trading volume for these ETFs also decreased, dropping from $1.76 billion on Monday to $1.4 billion on Tuesday.
Inflows During the Previous Seven Days
Tuesday’s outflow followed a seven-day period during which US spot bitcoin ETFs attracted over $2.67 billion. This amount is comparable to the levels seen during the peak in March. BlackRock's IBIT alone brought in about $1.5 billion during this period, making up a significant portion of the inflows. This surge in fund activity coincided with a rise in bitcoin's price, which surpassed $69,400 on Monday.
Spot Ether ETFs Saw Modest Inflows
In contrast to bitcoin ETFs, US spot ether ETFs saw a net inflow of $11.94 million on Tuesday, exclusively contributed by BlackRock's ETHA fund. The other eight ether funds recorded no flows.
Spot ether ETFs traded a total of $118.4 million on Tuesday, down from $163.18 million on Monday. Since their launch, these funds have registered a cumulative net outflow of $488.85 million.
Bitcoin and Ether Prices Decline Slightly
The price of bitcoin fell by 0.38% over the last 24 hours, trading at $67,038. Ether dropped by 0.99%, with its price around $2,611, according to data from cryptocurrency site The Block.

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BlackRock’s #bitcoin☀️ fund saw a net inflow of $294 million into U.S. spot Bitcoin ETFs on October 21.
Investors in iShares Bitcoin Trust (IBIT) from BlackRock took advantage of Bitcoin's price drop and injected $329 million into the fund on October 21, despite Bitcoin falling by 3% that day.
Fidelity Sees Smaller Inflows
Aside from IBIT, Fidelity Wise Origin Bitcoin Fund (#FBTC ) was the only other U.S. spot Bitcoin ETF to record inflows on October 21, with $5.9 million coming in. Other ETFs either saw no inflows or experienced outflows.

Third Major Inflow in Four Days
This marks the third time in four trading days that BlackRock has seen significant inflows into its #BitcoinETF💰💰💰 . According to Farside Investors, the ETF has received over $300 million during this period.
BlackRock's IBIT continues to lead all spot Bitcoin ETFs, surpassing $23 billion in total net inflows on October 21.
Third-Largest Inflow of 2024
Eric Balchunas, an analyst at Bloomberg, noted that IBIT recorded the third-largest ETF inflow of 2024, following Vanguard and BlackRock S&P 500 index funds, with tickers VOO and IVV.
These inflows came as Bitcoin’s price dropped by 3.25% on October 21, hitting a daily low of $66,975 after failing to break the $70,000 resistance level. According to CoinGecko, Bitcoin had seen a 10-day rally from $59,000 to $69,130.
Traders’ Reactions
Crypto trader Jelle stated that the market was undergoing a small sell-off, which he described as "expected and fine." Another trader, Emperor, speculated that Bitcoin's price could drop to $62,000 this week after hitting its highest weekly close in five months on October 20.
Speculation on U.S. Elections
The rise in Bitcoin’s price between October 11 and October 21 was primarily attributed to traders speculating on the upcoming U.S. elections.
Currently, total net inflows across all spot Bitcoin ETFs amount to $21.2 billion, with over $20 billion coming from outflows from the GBTC fund.
At the time of writing, Bitcoin was trading at $67,360, down 2.2% over the previous 24 hours.
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#bitcoin☀️ ETFs have already attracted billions of dollars on Wall Street this year. However, analysts suggest that a new wave of institutional interest may arise as options are introduced to these products following recent regulatory approvals.
On Friday, the Securities and Exchange Commission (SEC) approved the listing and trading of options on 11 spot bitcoin ETFs. Most of these products were approved in January, with their cumulative net inflows surpassing $20 billion last week.
Approval of Bitcoin ETF Options
Among the products listed on the New York Stock Exchange (NYSE) are the Fidelity Wise Origin Bitcoin Fund and Grayscale Bitcoin Trust. On Cboe, approved funds include WisdomTree Bitcoin Fund, Franklin Bitcoin ETF, and VanEck Bitcoin Trust.
According to Matt Hougan, Chief Information Officer at Bitwise, options allow institutional players easier, cheaper, and more efficient access to the bitcoin market. Options, as financial derivatives, give investors the right to buy or sell an asset at a specific price within a given timeframe.
"Every step that brings bitcoin closer to functioning like traditional assets is a long-term win," Hougan said. "This is just another brick in the wall of bitcoin normalization, and we should be happy about that."
Difference Between Futures and Options
Although bitcoin futures were introduced on the Chicago Mercantile Exchange (CME) in 2017, options offer different possibilities. While futures require the buyer to purchase the underlying asset at a specified date, options give buyers the right, but not the obligation, to buy the asset.
Juan Leon, Senior Investment Strategist at Bitwise, said that options are a more capital-efficient and simpler way for institutional investors to gain exposure to bitcoin than futures-based positions.
Impact of Options on Liquidity and Volatility
BlackRock's spot #BitcoinETF💰💰💰 , with a market capitalization of $26 billion, received similar SEC approval for options at the end of last month. Generally, options lead to increased trading activity, which contributes to better price discovery and increased liquidity.
However, options could also lead to higher volatility, particularly when contracts expire. Leon explained that large concentrated positions at certain price points during expiration could cause liquidation spikes and increased volatility.
Regulatory Steps and Progress
The approval of options by the SEC is not just about market dynamics, but also a significant indicator of regulatory progress, according to Krista Lynch from Grayscale. However, Lynch pointed out that SEC approval does not mean that options will start trading immediately, as there are additional regulatory steps to follow.
One such step is the involvement of the Options Clearing Corporation and further approval from the Commodities Futures Trading Commission (CFTC).
Expectations by Year-End
Bitcoin firm NYDIG recently stated that options trading on bitcoin ETFs, including IBIT, should begin by the end of the year. NYDIG also acknowledged that regulatory processes could take longer but expects the CFTC to view the bitcoin market differently than other asset markets, such as platinum or palladium, where options for ETFs faced issues in 2010.
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According to analyst Michael Van De Poppe, Bitcoin's price could reach a new all-time high due to several key factors, such as the Fed's rate cuts, whale accumulation, and the approval of ETFs.
Fed Rate Cuts and Economic Outlook
One of the main reasons for Bitcoin's price rise in 2024 is the growing expectation that the Federal Reserve will cut interest rates. Michael Van De Poppe points out that rate cuts make investments in alternative assets, such as #bitcoin☀️ , more attractive. This outlook increases investors' interest in riskier assets, bringing more liquidity into the market.
Besides the Fed, Van De Poppe also highlights other macroeconomic factors, such as strong results on Wall Street and growing investor confidence, which are helping Bitcoin rise.
Whale Accumulation Signals Institutional Confidence
Another important signal is the increase in whale activity – large Bitcoin holders. According to on-chain analysis, Bitcoin accumulation by whales has accelerated since mid-2024. Van De Poppe emphasizes that similar accumulation patterns were seen before bull runs in 2020 and 2021 when Bitcoin reached new all-time highs.
Whales typically accumulate Bitcoin during price consolidation periods, signaling their belief in future price growth. This kind of accumulation often leads to significant price movements.
Technical Indicators Show an Imminent Breakout
Van De Poppe's technical analysis suggests that Bitcoin is nearing another breakout. He points to Bitcoin's two-month logarithmic chart, which mirrors previous bull cycles. Historical patterns show that Bitcoin consolidates for an extended period before quickly recovering and rising.
Van De Poppe believes that if Bitcoin maintains its position above the key resistance level of $65,000, it could trigger a move toward a new all-time high, potentially surpassing $100,000 in 2025.
Declining Stablecoin Dominance
Another factor supporting Bitcoin's growth is the declining dominance of #Stablecoins . Since mid-2024, investors have been shifting funds from stablecoins to more volatile assets like Bitcoin, bringing more liquidity into the market. This trend suggests a growing appetite for risk and a shift toward Bitcoin.
Bitcoin ETFs and Institutional Interest
One of the main catalysts for Bitcoin's rise is the approval of Bitcoin ETFs on the NYSE. This product allows institutional investors to access Bitcoin through a regulated financial instrument, increasing market liquidity. Historically, the approval of ETFs has boosted demand for Bitcoin and helped push its price higher.
Van De Poppe highlights that the introduction of more Bitcoin-related financial products could attract even more institutional interest, supporting Bitcoin's long-term price growth.
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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“