- Bitcoin ETFs previously crossed the $20 billion total net flows.
- BTC price has lagged as analysts speculate delayed impact of ETF flows.
European investors have poured a record over $105 billion of investments in US spot Bitcoin ETFs year-to-date. Bloomberg’s senior ETF analyst Eric Balchunas disclosed the new milestone in X post, noting:
“Flows into US-focused ETFs by locals in Europe is now at a record $105b YTD. And why not? $SPY is up 24% vs 10% for Europe. Asia is also funneling record flows.”
On October 17, Balchunas disclosed that US Bitcoin ETFs crossed the $20 billion in total net flows, the “most difficult metric to grow in ETF world.” He noted that Gold ETFs took approximately 5 years to hit a similar milestone.
Bitcoin ETFs are now on their sixth consecutive day of net positive inflows. This comes even as $555 million worth of inflows on October 14 coincided with an over 5% increase in BTC price.
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BTC Price Muted Below $70,000
Despite the record Bitcoin ETF inflows, BTC has been held below $70,000 for weeks and was marginally higher over the past week at press time. Bitfinex analysts commented on the delayed impacts of ETF inflows on BTC prices:
“Usually, this means that large ETF inflows have a muted impact for a few days, and then the market reverses lower once the aggression from spot market buyers fades.”
The analysts say the ask-heavy order book signals that traders use ETF flows as exit liquidity for their trades.
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