U.Today – On October 22, net outflows from spot ETFs reached $79.1 million, a stark contrast to the inflows of $294.3 million seen in the previous trading session. Meanwhile, spot ETFs recorded a modest inflow of $11.9 million, recovering from the previous session's outflow of $20.8 million.
Spot on Chain's latest report highlights the market shift, with US Bitcoin ETFs experiencing outflows after seven consecutive days of strong inflows. Despite Bitcoin hovering around $67,200, BlackRock (NYSE:) IBIT continued its aggressive accumulation, adding 22,480 BTC, worth $1.51 billion, over the past week, bringing its total holdings to 392,121 BTC.
This development comes just days after a CoinShares report revealed significant capital inflows into cryptocurrency ETPs, with $2.2 billion entering the market, marking the largest inflows since July.
However, the shift in Bitcoin ETF flows, despite Ethereum's gains, has exposed a cautious sentiment in the market. The capital outflows, although less than $100 million, have added to concerns that investors are increasingly wary of the cryptocurrency market.
Bitcoin (BTC): price outlook
Bitcoin price action has increased uncertainty as the leading cryptocurrency continues to lose key support levels. Currently, it looks set to retest the dynamic resistance around the $65,000 zone.
The broader altcoin market has also suffered, with the TOTAL2 index, which tracks the market capitalization of cryptocurrencies other than Bitcoin, falling by more than $40 billion since the start of the week.
Despite significant buying activity from BlackRock, market participants remain cautious and react sensitively to any market news. Recent capital outflows suggest that confidence is still shaky, even as major institutional players like BlackRock maintain a strong presence.
This article was originally published on U.Today.
