US Bitcoin Funds Draw $526.7 Million on Monday as Inflows Slow on Tuesday
Key Facts
US spot Bitcoin funds attracted net inflows of $526.7 million on Monday, October 19, according to Farside Investors, following a week of net outflows. IBIT received inflows of $665.2 million, exceeding net inflows into the group. By contrast, FBTC saw outflows of $83.6 million and GBTC lost $54.9 million. Glassnode estimated flows for the same session at about $653 million, compared with Farside's tally of $526.7 million. Net inflows slowed on Tuesday, October 20, to $23.2 million, according to Farside. IBIT received about $29.9 million in that session and FBTC about $3.6 million, against outflows of $10.3 million from BITB.
Glassnode's "Bitcoin Market Pulse" report, published before Monday's session, showed net outflows narrowing in the week ended October 18 to $230.0 million from $674.9 million the previous week. Weekly fund trading volume fell over the same period to $10.1 billion from $10.4 billion. In the options market, 25-delta options skew rose to 8.6% from 5.2%, according to the report. The increase reflected greater demand for downside protection. In the altcoin market, the share of coins with funding rates above neutral fell below 5%, according to Glassnode's report published on October 21.
On corporate holdings, Glassnode estimated the average Bitcoin cost basis of the treasury companies it tracks at about $80.2 thousand in its October 21 report. It said monthly buying by these companies had remained at "less than one-tenth" of its peak-month level in recent months. Meanwhile, the volume of coins transferred daily by the older-holder cohort tracked in the report fell to less than one-third of its level at the latest selling peak. Glassnode put the cost basis of the buyer cohort closest to the supply zone at about $86.7 thousand. The estimated cost basis for this cohort was $88 thousand in the previous report.
On monetary policy, Federal Reserve Governor Christopher Waller said the central bank raised interest rates in September by 25 basis points to a range of 3.75%–4%. The Federal Open Market Committee holds its next meeting on October 27–28, according to the Fed's official calendar. After the meeting, the Bureau of Economic Analysis releases its first estimate of US third-quarter gross domestic product on October 29 at 8:30 a.m. Eastern time. The bureau releases September personal income and spending data at the same time. On indexes, MSCI will announce the final list of companies affected by eligibility rules for non-operating companies on November 11. The review changes take effect at the close on November 30, according to the company's announcement.