Bitcoin Dips Below $62,500 As Spot ETFs Book $235M Net Inflows
By Benzinga
U.S. spot Bitcoin (CRYPTO: BTC) exchange-traded funds saw significant inflows, totaling $235.19 million on Monday, bucking the trend of net outflows in the previous week.
What Happened: According to The Block, Fidelity‘s (BATS:FBTC) led the charge with $103.68 million in inflows. BlackRock‘s (NASDAQ:IBIT) the largest spot bitcoin ETF by net assets, followed closely with $97.88 million.
Bitwise‘s (BATS:BITB) reported $13.09 million in inflows, while Ark and 21Shares‘ (BATS:ARKB) saw $12.63 million.
VanEck‘s (BATS:HODL) and Invesco‘s (BATS:BTCO) recorded inflows of $5.37 million and $2.53 million, respectively. Meanwhile, Grayscale‘s (OTC:GBTC) and six other ETFs reported no inflows. The combined trading volume for these ETFs reached $1.22 billion, a slight increase from previous days.
In contrast, U.S. spot Ethereum ETFs saw no inflows on Monday, following mixed results last week.
Bitcoin’s price dipped 1.4% to $62,457, while Ethereum fell 1.3% to $2,442, according to The Block’s price data.
Also Read: In 2022, Maxine Waters Wanted To Subpoena Sam Bankman Fried—Now She Thinks Crypto Is ‘Inevitable’
Why It Matters: On Monday, MicroStrategy (NASDAQ:MSTR) surged to a six-month high as Bitcoin’s price struggled with a key moving average.
This volatility was mirrored in the broader stock market, with the S&P 500 and Nasdaq experiencing declines of over 1% during the afternoon session. Volatility index VIX also spiked 19%, reaching its highest level in a month, Coindesk reported.
Analysts at QCP Capital stated in a note that Bitcoin’s ‘Uptober’ “seems to be back on track.” They highlighted macro drover helping Bitcoin to remain above the $60,000 mark but cautioned that Thursday’s CPI will be a key data point to determine a near-term price trend.
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Image: Shutterstock
