Bitcoin Dips Below $62,500 As Spot ETFs Book $235M Net Inflows

U.S. spot Bitcoin BTC/USD 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 FBTC led the charge with $103.68 million in inflows. BlackRock‘s IBIT the largest spot bitcoin ETF by net assets, followed closely with $97.88 million.

Bitwise‘s BITB reported $13.09 million in inflows, while Ark and 21Shares‘ ARKB saw $12.63 million.

VanEck‘s HODL and Invesco‘s BTCO recorded inflows of $5.37 million and $2.53 million, respectively. Meanwhile, Grayscale‘s 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 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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