Key Takeaways
- • US spot Bitcoin ETFs took in a net $5.06 million on Thursday, a day after $261.5 million flowed out, leaving net demand close to zero according to Farside Investors data.
- • Bitcoin traded at $81,963 on Friday morning, with a range of $521 (0.64%) since midnight, after dipping to $79,814 on Thursday afternoon and recovering to $82,485 by Thursday evening.
- • October net outflows total $539.8 million, against $2.6 billion of inflows in September and $3.5 billion in August; US spot ETFs hold $105.71 billion, about 6.41% of Bitcoin's roughly $1.65 trillion market capitalisation.
- • BlackRock's IBIT took in $16.79 million on Thursday while Grayscale's Mini Trust lost $7.64 million; on Wednesday IBIT and Fidelity's FBTC had seen outflows of $110.9 million and $152.7 million respectively.
- • Friday's expiry of 18,029 Deribit options contracts is flagged as a possible source of short-term price moves independent of fund flows.
Summary
US spot Bitcoin ETFs recorded a net inflow of $5.06 million on Thursday, according to fund-flow data collated by Farside Investors from the reports of the eleven US issuers. The figure followed an outflow of $261.5 million on Wednesday, and Farside notes that daily values are still adjusted as issuers close their books, so the direction is more reliable than the precise figure.
The day's net figure masked offsetting movements. BlackRock's iShares Bitcoin Trust took in $16.79 million, bringing its cumulative inflows since launch to $65.64 billion, while the Grayscale Bitcoin Mini Trust lost $7.64 million. On Wednesday the pattern was far larger: Fidelity's FBTC shed $152.7 million and IBIT $110.9 million, with Bitwise the only provider recording an inflow of $2.2 million.
Price action has been subdued since midnight. Bitcoin was at $81,963 on Friday morning, up 0.55% over 24 hours, after touching $79,806 on Thursday and reaching $82,508 at the high. The article's editorial view links the narrow range to the flow data, though it notes that futures activity and Friday's options expiry of 18,029 Deribit contracts can move prices independently of spot fund flows. Measured in Bitcoin terms, the $5.06 million inflow equates to roughly 62 BTC, against daily network issuance of about 450 BTC.
On a monthly basis, October's net outflow of $539.8 million contrasts with September's $2.6 billion inflow and August's $3.5 billion. June remains the weakest month for the funds, with $4.5 billion of outflows. Publisher context from the same domain notes that ETF inflows have repeatedly stalled and reversed in recent months, with zero-inflow days described by some analysts as normal.
The article also addresses German tax treatment under Section 23 of the Income Tax Act, under which Bitcoin gains are tax-free after one year and subject to a €1,000 annual threshold within the year, and it states that the December 31 deadline for any reform remains in place. Fee and leverage considerations are discussed in the context of the narrow daily range. This material is directed at German retail holders and does not bear on the institutional fund-flow analysis above.
The day's net figure masked offsetting movements. BlackRock's iShares Bitcoin Trust took in $16.79 million, bringing its cumulative inflows since launch to $65.64 billion, while the Grayscale Bitcoin Mini Trust lost $7.64 million. On Wednesday the pattern was far larger: Fidelity's FBTC shed $152.7 million and IBIT $110.9 million, with Bitwise the only provider recording an inflow of $2.2 million.
Price action has been subdued since midnight. Bitcoin was at $81,963 on Friday morning, up 0.55% over 24 hours, after touching $79,806 on Thursday and reaching $82,508 at the high. The article's editorial view links the narrow range to the flow data, though it notes that futures activity and Friday's options expiry of 18,029 Deribit contracts can move prices independently of spot fund flows. Measured in Bitcoin terms, the $5.06 million inflow equates to roughly 62 BTC, against daily network issuance of about 450 BTC.
On a monthly basis, October's net outflow of $539.8 million contrasts with September's $2.6 billion inflow and August's $3.5 billion. June remains the weakest month for the funds, with $4.5 billion of outflows. Publisher context from the same domain notes that ETF inflows have repeatedly stalled and reversed in recent months, with zero-inflow days described by some analysts as normal.
The article also addresses German tax treatment under Section 23 of the Income Tax Act, under which Bitcoin gains are tax-free after one year and subject to a €1,000 annual threshold within the year, and it states that the December 31 deadline for any reform remains in place. Fee and leverage considerations are discussed in the context of the narrow daily range. This material is directed at German retail holders and does not bear on the institutional fund-flow analysis above.
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