US spot Bitcoin (BTC) exchange-traded funds (ETFs) drew $526.6 million in net inflows on Monday, October 19. It was their biggest single day since September 22, when the funds took in $714.75 million.
The inflow came after a weak start to the month. Before Monday, Bitcoin ETFs had lost a net $617.17 million in October. The single-session cut that to $90.57 million.
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IBIT Carries Bitcoins Big Day as Ethereum Funds Bleed
BlackRocks iShares Bitcoin Trust (IBIT) was the only Bitcoin fund to record a net inflow, SoSoValue data shows. None of the other 11 funds posted net inflows that day.
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Bitcoin ETF flows in October. Source: SoSoValue
Monday also more than reversed the previous week, when Bitcoin ETFs saw a net outflow of $163.18 million between October 13 and 16.
Other crypto ETFs moved the opposite way on Monday. Ethereum (ETH) funds shed $103.28 million, while Solana (SOL) products lost $6.72 million.
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The Ethereum outflows extend a longer run. Those funds have posted net outflows on 14 of the last 15 trading days, totaling $1.12 billion.
Bitcoin Held $80,000 While Chip Stocks Slid
The inflows followed a week in which Bitcoin held up better than US tech stocks. Bitcoin closed the week down about 2% and held $80,000 support, analyst Ash Crypto noted.
The Nasdaq fell 5% over the same week, while the semiconductor index dropped more than 11%.
Over the full month, Bitcoin is down 1.75% since October 1. That decline follows a 42.71% gain in the third quarter. At press time, Bitcoin traded at $82,060, down 0.44% over the past 24 hours, BeInCrypto Markets data shows.
Bitcoin Price Performance. Source: BeInCrypto Markets
That puts Bitcoin back above the ETF cost basis, about $81,500 per Glassnode, after it slipped below last week. The level marks the average price US spot ETFs paid for their coins.
Ash Crypto also pointed out that Bitcoin has closed above its 50-week moving average for 5 straight weeks. That average sits near $76,100, and Ash Crypto said the bull run holds while price stays above it.
On the downside, Ash Crypto lists $80,000 and $76,000 as support. Glassnode data cited in BeInCryptos analysis last week placed the largest Binance spot bid block at $80,000.
On the upside, the analyst watches $84,000 and $87,500. Glassnode marked $88,000 as the cost basis of six-to-12-month buyers.
It said a daily close above $88,000, alongside renewed ETF inflows, would signal buyers absorbing that supply. One IBIT-led session covers part of that second condition.