Demand for U.S. spot Bitcoin (BTC) exchange-traded funds cooled Tuesday, with a $23.2 million net inflow extending their run to two sessions but falling well short of Monday's $526.7 million.
Farside Investors' figures show that BlackRock's IBIT drew $665.2 million Monday, more than the funds gained on balance. Fidelity's FBTC recorded $83.6 million in net withdrawals, while Grayscale's GBTC lost $54.9 million. Those withdrawals reduced the combined total despite the larger inflow into IBIT.
The two positive sessions followed $228.4 million in net withdrawals from Oct. 12-16, a period detailed in earlier EconoTimes coverage of Bitcoin ETF flows. Monday's intake exceeded that five-session withdrawal total. The earlier net figure combined days of inflows and outflows; it did not mean money left the funds every day.
Murad, an investor in memecoins, argued Oct. 20 that a crypto bull phase has yet to begin. He offered no date or market measure for its start. His assessment concerns digital assets broadly, while the ETF figures measure flows into U.S. Bitcoin products.
Bitmine Chairman Tom Lee has argued that a crypto bull market is already underway, citing Bitcoin's earlier moves above its 200-day moving average. Of nine such moves since 2012, eight signaled bull markets, Lee said. His price-based argument addresses a different measure from Murad's broader assessment.
Spot trading showed greater selling pressure during the week through Oct. 18. Over that period, traders paid more to maintain bullish futures positions, and options activity pointed to greater demand for protection against declines. Those readings preceded both days of ETF inflows.
