BlackRock’s iShares Bitcoin Trust recorded a $665.2 million net inflow on Monday, marking its highest daily intake since October 7, 2025. The uptick made a significant impact on the US spot Bitcoin ETF market, with total net inflows from all spot Bitcoin ETFs reaching $527 million for the day.
Competing funds face withdrawals
While BlackRock’s inflow outpaced the combined net for all spot Bitcoin ETFs, other major funds experienced outflows. Fidelity’s Wise Origin Bitcoin Fund reported a withdrawal of $83.6 million, and Grayscale Bitcoin Trust saw an outflow of $54.9 million. Other ETFs in the group registered no major activity in net flows according to figures from Farside Investors.
Recent volatility in inflows and outflows has characterized the US spot Bitcoin ETF sector. On Friday, these funds experienced $82.4 million in net outflows, capping two consecutive weeks of investor withdrawals. Last week, US spot Bitcoin ETFs lost $229 million, and the preceding week saw net redemptions of $681 million. October 7 marked the largest single-day net withdrawal since June, with total outflows of $483.9 million from spot Bitcoin ETFs.
Despite Monday’s influx, cumulative net flows for US spot Bitcoin ETFs in October remain about $88 million in negative territory, based on daily updates from Farside Investors.
The iShares Bitcoin Trust, launched in January 2024 by BlackRock, stands as the largest fund in its category, managing $66.37 billion in net assets. BlackRock, headquartered in New York, is the world’s largest asset manager, overseeing trillions of dollars globally.
Mini dictionary: Farside Investors is a market data firm specializing in tracking ETF inflows and outflows, providing daily updates on fund movements.
| ETF/Fund | Net Flow (Monday) | Net Assets |
|---|---|---|
| BlackRock iShares Bitcoin Trust | +$665.2 million | $66.37 billion |
| Fidelity Wise Origin Bitcoin Fund | -$83.6 million | Not specified |
| Grayscale Bitcoin Trust | -$54.9 million | Not specified |
Bitcoin price holds steady
The increase in spot ETF inflows occurred while Bitcoin traded within a tight range of $82,000 to $83,000. The broader market remained cautious, reflecting concerns that potential further interest rate hikes could pressure risk assets.
Zeus Research analyst Dominick John described the inflows into BlackRock’s fund as evidence of ongoing institutional interest, despite prevailing macroeconomic uncertainties and sideways price movement in Bitcoin.
Persistent resistance in Bitcoin’s price suggests that ETF demand is being absorbed by ongoing selling, noted John at Zeus Research.
Min Jung, associate researcher at Presto Research, observed that the motivation for Monday’s inflows is not entirely clear. Jung suggested that investors might be positioning for a “catch-up trade” as Bitcoin trades in a relatively narrow band while other risk assets approach record highs.
Jung indicated that the absence of major crypto-specific catalysts has kept Bitcoin’s price subdued, making current valuations potentially attractive for some investors. However, Jung emphasized that continued price volatility is likely due to lingering uncertainty surrounding the Federal Reserve’s policy decisions. A sustained move above current price levels, Jung added, would probably require clearer signals from the broader economy and a stronger risk appetite from investors.
The Block’s crypto Fear & Greed Index, which measures market sentiment, is currently at 59, placing it in the “greed” category.
Ether ETFs extend losses, BlackRock files new product
On the same day, spot Ether ETFs experienced net outflows totaling $103.3 million, continuing a four-day streak of withdrawals. The outflows were led by BlackRock’s iShares Ethereum Trust, with $95.4 million leaving the fund. Ether-focused funds shed about $320 million in the previous week, marking three consecutive weeks of net outflows.
Separately, BlackRock submitted an application for a new Bitcoin investment product, the proposed iShares Bitcoin Managed Protect ETF. This fund aims to offer investors downside protection while still providing upside exposure similar to its flagship Bitcoin ETF.
Mini dictionary: An ETF offering “downside protection” typically uses derivatives or portfolio strategies to limit potential losses if the underlying asset, such as Bitcoin, falls in price, while still allowing for gains if prices rise.
