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On October 22nd, net outflows from the Spot Bitcoin ETF amounted to $79.1 million, in sharp contrast to the $294.3 million inflows seen in the previous trading session. Meanwhile, the Ethereum Spot ETF recorded modest inflows of $11.9 million, rebounding from outflows of $20.8 million in the previous session.
Spot On Chain’s latest report highlights a shift in the market, with US Bitcoin ETFs experiencing outflows after seven consecutive days of strong inflows. Despite Bitcoin hovering around $67,200, BlackRock’s IBIT continues to accumulate aggressively, adding 22,480 BTC (worth $1.51 billion) in the last week, increasing its total holdings. amounted to 392,121 BTC.
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This development comes days after a CoinShares report revealed significant inflows into cryptocurrencies ETPs, with $2.2 billion flowing into the market, marking the largest inflow since July.
Source: Spot on Chain
However, despite Ethereum’s rise, changes in Bitcoin ETF flows exposed the market’s cautious sentiment. Although the amount of funds outflowed was less than $100 million, there are growing concerns that investors are becoming increasingly wary of the cryptocurrency market.
Bitcoin (BTC): Price outlook
Bitcoin price trends are becoming more uncertain as the leading cryptocurrency continues to lose key support levels. It now appears that the pair is planning to retest the dynamic resistance around the $65,000 zone.
BTC to USD conversion by CoinMarketCap
The broader altcoin market has also suffered, with the TOTAL2 index, which tracks the market capitalization of cryptocurrencies other than Bitcoin, down more than $40 billion since the beginning of the week.
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Despite BlackRock’s large-scale acquisition activity, market participants remain cautious and sensitive to all market news. Recent outflows suggest that confidence remains precarious, even as large institutional investors like BlackRock maintain a strong presence.
