The net inflow to Bitcoin 
$77,420 ETFs has surpassed the significant threshold of 2 billion dollars, reaching 2.25 billion dollars. Notably, BlackRock’s ETF IBIT saw inflows of over 1 billion dollars during a three-day period from Tuesday to Thursday. Despite an outflow of 46.6 million dollars on Monday, the trend quickly shifted positively. On October 3rd, Bitcoin’s price climbed back above 120,000 dollars, strengthening the “Uptober” narrative in the cryptocurrency market and also boosting ETF initiatives.
The Current Status of Bitcoin ETFs
In terms of the distribution of fund flows during the week, IBIT exceeded the 1 billion dollar threshold in just three days, while Fidelity’s FBTC attracted 622.3 million dollars, Ark Invest’s ARKB gained 219 million dollars, and Bitwise’s BITB received 187.9 million dollars. Since their launch in January 2024, cumulative net inflows to U.S. spot Bitcoin ETFs have approached 60 billion dollars. Accelerating fund flows reflect institutional investors’ preference for taking positions via regulated products to avoid off-balance sheet risks.
IBIT stands out significantly in terms of scale and trading. The assets under management of the ETF have surpassed 90 billion dollars, placing it among the largest 20 ETFs by asset size in the United States. On the same day, IBIT’s trading volume hit 4.3 billion, comprising a significant portion of the total Bitcoin ETF volume, ranking it among the top 10 ETFs in daily trading along with giants like SPY, QQQ, and GLD. The robust seasonality of October and increasing expectations of monetary easing from the Fed contributed to a recovery in risk appetite, which in turn supported fund flows into ETFs.
IBIT’s Superiority in Options
Following last Friday’s contract expiration, the open position size for IBIT options rose to approximately 38 billion dollars, surpassing Deribit’s 32 billion dollars for the first time. Bloomberg ETF analyst Eric Balchunas highlighted this development as significant, noting that IBIT has overtaken Coinbase‘s Deribit platform as the largest platform for Bitcoin options, indicating that the ETFs are not to be taken lightly. The 38 billion-dollar level corresponds to about 45% of the global open position in Bitcoin options. Approved in November last year, IBIT options quickly became a key determinant in market depth.
Overturning Deribit’s long-held leadership through the ETF channel has reshaped the liquidity map in cryptocurrency derivatives. Experts suggest that the nature of the options market inherently favors the significant winners. Therefore, IBIT’s share in options is more concentrated compared to the distribution of assets under management in spot ETFs. Market professionals anticipate that liquidity in U.S.-based cryptocurrency options could increase further, depending on contract expirations and volatility.
