After withdrawing more than $1.2 billion from Spot Bitcoin ETFs in four consecutive redemption sessions, the US issuer made a sharp reversal on October 21st, bringing in $477.2 million in new inflows. It was the first positive gain since October 14, and the largest one-day net profit in two weeks.
BlackRock’s IBIT led the recovery with +$210.9 million, followed by ARK Invest’s ARKB (+$162.9 million) and Fidelity’s FBTC (+$34.1 million). Franklin’s EZBC (+$8.9 million) and Invesco’s BTCO (+$6.5 million) saw small inflows, while Grayscale’s GBTC continued to experience outflows of -$13.9 million. The rebound reduced cumulative redemptions in October as the price of Bitcoin fell due to macro pressures.
After a painful week for ETF issuers, the turn came. From October 15th to 20th, daily outflows reached a maximum of -$530 million, IBIT and FBTC recorded rare multi-day redemptions, and GBTC’s hemorrhage expanded.
The resulting net loss was $1 billion, one of the steepest losses since April. Monday’s reversal suggests that some allocators are rotating within the ETF cohort rather than reducing their overall exposure to Bitcoin entirely.
Bitcoin prices are stable at the time of writing, with BTC trading around $108,600 with a 5% intraday move after rising to $113,000 yesterday. The relative stability after the weekend’s weakness suggests that ETF flows are being absorbed without disrupting spot market liquidity.
CME futures open interest and funding rates across major perpetual exchanges are flat, with little sign of leveraged follow-through. This pattern, net inflows without price spikes, often indicates a phase of quiet institutional accumulation.
The composition of the day showed how dominant IBIT and ARKB have become. Together they accounted for nearly 80% of Monday’s total, a reminder that these two funds continue to set the rhythm for ETF sentiment. On the other hand, GBTC’s continued outflows and the narrowing but still negative discount to NAV suggest that legacy vehicles have not yet found equilibrium after converting from trusts to ETFs.
This pullback could turn into a potential reset towards late October. With U.S. yields falling and inflation expectations stabilizing, risk assets are regaining some momentum and ETF allocators appear to be rebalancing rather than retreating.
If inflows continue through midweek, this move could mark the bottom of the latest ETF flow cycle and lay a firmer foundation for Bitcoin’s next move in the $107,000 to $113,000 range.
(Tag translation) Bitcoin
