Key Points
- Bitcoin ETFs recorded their first outflow day on October 22, following 7 consecutive inflow days.
- BTC price trades below $67,000, despite Trump’s rising odds of winning the US elections surpassing 64%.
Yesterday, the US Bitcoin ETFs recorded their first outflow day, following 7 consecutive days of significant inflows. However, BlackRock, VanEck, and Fidelity’s Bitcoin ETFs continued to buy BTC.
US BTC ETFs Flows on October 22
According to data from SoSoValue, the US Bitcoin ETFs saw over $79 million in outflows, the first day after a longer streak of inflows that debuted on October 11 and lasted until October 21.
The most significant inflow day from this 7-day streak of inflows was October 14 when the crypto products recorded almost $556 million in inflows, according to SoSoValue data.
Here are the inflows and outflows in the crypto products on October 22:
- BlackRock’s Bitcoin ETF, IBIT, saw almost $43 million in inflows.
- Fidelity’s Bitcoin ETF, FBTC, recorded almost $9 million in inflows.
- VanEck, ‘s Bitcoin ETF, saw almost $4 million in inflows.
- The only Bitcoin ETF that recorded outflows yesterday was Ark Invest and 21Shares’ ARKB, at almost $135 million in outflows.
The other Bitcoin ETFs did not see any inflows or outflows yesterday.
The total net assets in BTC ETFs in the US were over $65 billion as of October 22, and the cumulative total net inflow in the crypto products surpassed $21 billion.
Regarding Bitcoin’s price today, the coin lost once again support for $67,000.
BTC Is Trading Above $66,500
At the moment of writing this article, BTC is trading at $66,500, after earlier seeing a price drop close to $66,200, ahead of a quick reversal.
The coin is seeing increased price volatility, amidst an important economic week which includes an IMF-Work Bank meeting.
Analysts expected high volatility for the coin’s price, especially since the US elections are getting closer.
On October 21, Bitcoin’s price rallied above $69,000, a price level that has not been seen since June, but the week continued with a descendant trend for the digital asset.
Last week’s BTC rally was fueled by continuous inflows in US BTC ETFs and rising odds of a Trump win. According to data from Polymarket, today, Trump continues to lead Kamala Harris by 64.1% to 35.8%.
Considering that the rising Trump election odds have been a catalyst for Bitcoin’s price last week, a continued surge for a Republican win could support the coin’s price and trigger a rebound. Until then, the recent price correction gives traders a great accumulation opportunity.