Bitcoin ETF $79M Outflow Halts 2-Week Bull Run Amid 'Sideways' BTC Price

According to Cointelegraph: Institutional investors in Bitcoin have paused their buying spree as BTC price action consolidates, leading to the first net negative inflow for U.S. Bitcoin exchange-traded funds (ETFs) in two weeks. On October 22, Bitcoin spot ETFs recorded a net outflow of $79.1 million, primarily due to a $134 million outflow from the ARK 21Shares Bitcoin ETF, according to Farside Investors.Bitcoin ETF Interest Cools as BTC Price StagnatesDespite Bitcoin hovering close to its all-time high, U.S. spot Bitcoin ETFs saw a reversal in inflows, indicating a cooling of institutional demand. The market leader, BlackRock's iShares Bitcoin ETF (IBIT), managed $43 million in inflows — significantly lower than the $329 million reported a day earlier.The Bitcoin price has remained "sideways" around $67,000, which has led to some hesitation among institutional investors, according to market commentators like WhalePanda. The last time ETFs experienced net negative flows was on October 10, when they recorded an outflow of $81.1 million.ETF Performance Remains Strong Despite the DipThough October 22 saw net outflows, the broader performance of Bitcoin ETFs has been strong over the past month. According to Ki Young Ju, co-founder of CryptoQuant, as of October 18, institutional Bitcoin ETF ownership now accounts for approximately 20% of total holdings.This year, 1,179 institutions have reportedly joined Bitcoin’s cap table, with European investors contributing over $100 million to U.S. ETFs. Last week, net inflows across Bitcoin ETFs crossed the $20 billion milestone for the first time, with total assets under management reaching a record $65 billion.Bitcoin ETFs Drive Market AccessibilityAccording to a joint report from Coinbase and Glassnode, Bitcoin ETFs are one of the "biggest stories in the market." These funds, which saw over $5 billion in net inflows during Q3 2024, have significantly contributed to liquidity and accessibility in the cryptocurrency market, making it easier for institutional investors to gain exposure to Bitcoin.With Bitcoin prices stabilizing, traders and analysts are watching closely to see whether ETF inflows will recover in the coming days. For now, the market remains in a "wait and see" mode as institutional demand shows signs of a temporary pause.