Bitcoin ETFs just saw their biggest day in a month thanks entirely to BlackRock
Fidelity's FBTC and Grayscale's GBTC saw outflows of $83.6 million and $54.9 million, respectively.
U.S. spot bitcoin exchange-traded funds attracted $526.6 million on Monday, the largest daily net inflow in nearly a month, driven entirely by BlackRock’s iShares Bitcoin Trust (IBIT).
IBIT pulled in $665.2 million, its biggest daily inflow since Oct. 7 last year, according to SoSoValue data. Combined, the bitcoin funds last drew more on Sept. 22, when they added $714.7 million.
Fidelity’s FBTC lost $83.6 million, while Grayscale’s GBTC shed $54.9 million in Monday’s trading session, while the remaining funds recorded no net flows, underscoring how concentrated buying was.
The inflow more than erased last week’s $228.5 million of withdrawals, though the funds remain about $90.5 million in the red for October, according to CoinDesk calculations using SoSoValue’s figures.
Ether funds moved in the opposite direction, losing $103.3 million in their fourth consecutive session of outflows. BlackRock’s ETHA accounted for $95.4 million of the withdrawals, according to SoSoValue.
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Asanat Analysis — Why it matters
BlackRock's iShares Bitcoin ETF (IBIT) capturing the majority of inflows on a day when competitors experienced simultaneous outflows signals a consolidation dynamic in the spot Bitcoin ETF market. Despite near-identical fee structures across providers, flow velocity continues favoring the largest asset manager—a pattern that echoes traditional finance where scale and brand domination create sticky retail distribution advantages. This concentration risk matters: IBIT's growing share of total ETF Bitcoin exposure could amplify price impact during large redemptions.
The divergence between Fidelity and Grayscale outflows suggests different investor bases and redemption triggers. GBTC's ongoing struggle reflects the lingering impact of its conversion from closed-end fund (trading at historical premiums), while FBTC's outflows despite Fidelity's distribution reach indicate market participants may be rotating to larger pools or exiting entirely. That a single day's inflows were dominated by one provider underscores how Bitcoin ETF market structure—unlike equities—remains highly concentrated despite seven major competitors launching since January 2024.