United States spot Bitcoin exchange-traded funds brought in $526.6 million in net inflows on Monday, October 19, marking the market's largest single-day inflow since September 22 when funds took in $714.75 million. According to SoSoValue data, the massive single session drastically cut October's cumulative net outflows from $617.17 million down to $90.57 million.
IBIT Drives Inflows as Altcoin Funds Bleed
BlackRock’s iShares Bitcoin Trust (IBIT) was the only Bitcoin fund among all 12 US spot products to record a net inflow for the day. None of the other 11 funds posted net inflows, though IBIT's performance easily reversed the previous week when Bitcoin ETFs suffered a net outflow of $163.18 million between October 13 and 16.
Other crypto funds trended downward on Monday. Ethereum (ETH) products lost $103.28 million, extending a run of net outflows across 14 of the last 15 trading days that totals $1.12 billion. Meanwhile, Solana (SOL) investment products shed $6.72 million.
Bitcoin Reclaims ETF Cost Basis Above $80,000 Support
The strong inflow followed a week where Bitcoin held up relatively well compared to US tech equities. The Nasdaq dropped 5% and chip stocks saw major sell-offs, as highlighted when chip stocks lost $2 trillion in an eight-day rout. In contrast, Bitcoin fell roughly 2% over the week while holding its key $80,000 floor. At press time, Bitcoin traded at $82,060, down 0.44% over 24 hours. The price puts Bitcoin back above the $81,500 average ETF cost basis identified by Glassnode after falling below it last week.
Analyst Ash Crypto noted that Bitcoin has closed above its 50-week moving average near $76,100 for five consecutive weeks. On-chain data cited by Glassnode reveals a massive Binance spot bid block sitting at $80,000, with secondary support at $76,000. On the upside, analysts are tracking resistance at $84,000 and $87,500, while Glassnode marks $88,000 as the cost basis for six-to-12-month holders. A daily close above $88,000 alongside sustained ETF inflows would indicate buyers absorbing overhead supply.
Key Takeaways
- $526.6 million entered spot Bitcoin ETFs on October 19, marking the biggest single-day inflow since September 22.
- BlackRock's IBIT was the only fund out of 12 to record net positive inflows during the session.
- Cumulative October net outflows for Bitcoin ETFs dropped from $617.17 million down to $90.57 million.
- Ethereum funds lost $103.28 million, bringing 15-day cumulative losses to $1.12 billion.
Why It Matters
The sharp divergence between BlackRock’s IBIT and competing funds highlights how institutional capital is consolidating into top-tier liquidity vehicles during macroeconomic uncertainty. Furthermore, Bitcoin's ability to maintain its $80,000 support while tech stocks slid underscores its growing independence from traditional equity sell-offs. If ETF demand remains strong enough to push prices past the $88,000 holder cost basis, Bitcoin could swiftly resume its broader third-quarter momentum.
