BlackRock's iShares Bitcoin Trust posted its biggest day of new money in about a year, and no other U.S. spot bitcoin fund gained assets. Across the group, net inflows of $526.7 million were the largest since Sept. 22. Ether funds had a fourth consecutive day of withdrawals. Bitcoin traded near $81,550 early Tuesday.
After two weeks of withdrawals, money came back into U.S. spot bitcoin funds on Monday. Almost all of it went to one place.
The iShares Bitcoin Trust, BlackRock's fund, took in $665.2 million on Monday, according to Farside data, its largest single-day inflow since Oct. 7, 2025, according to SoSoValue. Every other U.S. spot bitcoin fund had net outflows or no flows. Fidelity's Wise Origin Bitcoin Fund had outflows of $83.6 million and the Grayscale Bitcoin Trust $54.9 million. Net, the group took in $526.7 million, the most for any day since Sept. 22.
Ether funds had a fourth consecutive day of withdrawals, totaling $103.3 million, $95.4 million of it from BlackRock's iShares Ethereum Trust.
In coins
At Monday afternoon's price of about $81,755, IBIT's inflow equals roughly 8,100 bitcoin and the group's net inflow about 6,400, by this publication's arithmetic. U.S. spot bitcoin funds now hold about $105.5 billion of assets, roughly 6.4% of bitcoin's market value, and the day's inflow narrowed their net withdrawals for October to about $90 million.
The price did not follow
Bitcoin traded around $81,300 at about 5:30 a.m. Eastern on Tuesday, down about 0.6% from Monday afternoon, and near $81,550 by about 6:20 a.m. Overnight it dipped to about $81,080 in the 9 p.m. hour, the heaviest trading of the session, recovered to about $82,170 around midnight and then drifted lower through the Asian session as technology stocks in Seoul and Tokyo fell. IBIT closed up 0.3% on Monday at $46.30.
Glassnode, an on-chain data firm, found in its weekly report that selling pressure has eased but that buying through spot markets and ETFs has not been large enough to lift prices, and that traders in perpetual futures remain net sellers. It also noted rising demand for downside protection in options. The report was published before Monday's flow data.
One buyer or many
The pattern is unusual. IBIT's inflow was larger than the net total for all funds combined, because two of its biggest competitors had net withdrawals on the same day. A pattern like that can come from one big order, such as an adviser platform shifting model portfolios into IBIT. Who placed it is not known.
It also came with a rotation inside BlackRock's own lineup: money into its bitcoin fund and out of its ether fund on the same day. Ether has underperformed bitcoin this month.
Market implications
One reading is that institutional demand is returning to the $80,000 to $82,000 range after two weeks of outflows, and that flows tend to lead price.
A second reading is that Monday was a one-off. One fund took all the money, rivals kept losing assets, and the next few days of flows will show whether there was a trend or a single trade.
A third reading is that the demand is being offset. Selling in perpetual futures and a weak tone in Asian technology shares absorbed a sizable inflow without moving the price.
What to watch
Tuesday's ETF flows, published after the U.S. close; whether inflows broaden beyond IBIT; ether fund flows; bitcoin's behavior near $80,000; and the Federal Reserve's Oct. 27 to 28 meeting. A second day of inflows spread across several funds would make the first reading harder to dismiss.