U.S. spot Bitcoin ETFs took in $526.7 million on Monday, their largest single-day inflow since Sept. 22, according to Decrypt's ETF tracker. The previous larger session brought $714.7 million, making Monday the best day for the funds in nearly a month.
The inflow interrupted two weeks of selling in which the funds shed about $910 million, including a $484.9 million exit on Oct. 7—their worst day since June. Friday closed with another $82.4 million of net selling, making Monday a sharp turn.
BlackRock dominates inflows
BlackRock's iShares Bitcoin Trust (IBIT) did the heavy lifting with $665.2 million, more than the entire net total, according to Farside Investors. Fidelity's FBTC lost $83.6 million and Grayscale's GBTC lost $54.9 million, while the other funds recorded no flows at all.
Other crypto funds see outflows
Other crypto funds moved in the opposite direction. Spot Ethereum ETFs lost $103 million on Monday, their fourth straight day of outflows, and Solana ETFs lost $6.7 million, according to Decrypt's SOL ETF tracker. Netted against those losses, Bitcoin, Ethereum and Solana funds together still drew roughly $417 million.
BlackRock topped both lists: its Ethereum fund ETHA accounted for $95.4 million of the Ethereum outflow, the same day IBIT took in $665.2 million.
Bitcoin near average cost basis
Bitcoin hovered around $82,000 on Monday, close to the $82,300 average cost basis that Nexo analyst Iliya Kalchev estimated for ETF holders last week. Cost basis is the average price investors paid for their coins, so a price near it means the typical holder is roughly at breakeven.
Macro backdrop
Brent crude, the global oil benchmark, traded between $108 and $110 a barrel on Monday after weekend attacks on Persian Gulf tankers. Expensive oil raises the cost of fuel and freight, which feeds into the prices consumers pay.
That feed-through is visible in the consumer price index, which rose 3.7% in the 12 months through September, with the energy index up 20.4%. Persistent inflation keeps the Federal Reserve leaning toward another increase after it lifted its target range by a quarter point in September.
Expected rate hikes push up Treasury yields, the return investors earn for lending to the U.S. government. The 10-year yield stayed above 5% on Monday, per Treasury data, and the 30-year touched about 5.7% on Oct. 7, the day of the $484.9 million exit.
Bitcoin pays no yield, so a Treasury returning more than 5% with far less price risk competes for the same money. The $261.4 million that left the funds on Oct. 14 came the same day the September CPI report was released.
U.S. spot Bitcoin ETFs are still about $88 million in the red for October with nine trading sessions left, and the Federal Reserve meets on Oct. 27-28.
