U.S. spot Bitcoin ETFs took in $526.7 million on Monday, Oct. 19, their largest single-day net inflow since Sept. 22, according to Decrypt's ETF tracker. The last bigger session brought in $714.7 million, making this the funds' best day in nearly a month. Daily flows for the funds, a product class the U.S. Securities and Exchange Commission approved in January 2024, turn positive when creations of new shares outpace redemptions and negative when the reverse occurs.

The inflow marked a sharp turn after two weeks of selling in which the funds shed about910 million](https://decrypt.co/381246/bitcoin-etfs-shed-nearly-1-billion-two-weeks-uptober-red). That stretch included a $484.9 million exit on Oct. 7, their worst single day since June, while Friday closed with another $82.4 million of net selling. The two-week slide had left October's cumulative flows deeply negative.

BlackRock's iShares Bitcoin Trust (IBIT) did the heavy lifting with $665.2 million in inflows, more than the entire net total for the day, according to Farside Investors. IBIT is the largest U.S. spot Bitcoin fund by assets. Fidelity's FBTC lost $83.6 million and Grayscale's GBTC lost $54.9 million, while the other funds recorded no flows at all. The arithmetic underscores how narrow the rebound was: IBIT outpaced the group total by $138.5 million — precisely the combined losses at FBTC and GBTC — meaning every net dollar that entered the funds on Monday came through a single product. The session trimmed October's cumulative net outflows to roughly $88 million from about $615 million.

Other crypto funds went the opposite way. Spot Ethereum ETFs lost $103 million on Monday, their fourth straight day of outflows, and Solana ETFs lost $6.7 million, according to Decrypt's SOL ETF tracker and data from SoSoValue. BlackRock topped both lists: its Ethereum fund ETHA accounted for $95.4 million of the Ethereum outflow, on the same day IBIT took in $665.2 million. Netted against those losses, Bitcoin, Ethereum and Solana funds together still drew roughly $417 million.

Bitcoin hovered around $82,000 on Monday, close to the $82,300 average cost basis that Nexo analyst Iliya Kalchev estimated for ETF holders last week. Cost basis is the average price investors paid for their coins, so a price near that level means the typical holder is roughly at breakeven.

The flows played out against a macro backdrop of elevated oil prices and Treasury yields. Brent crude, the global oil benchmark, traded between $108 and $110 a barrel on Monday after weekend attacks on Persian Gulf tankers. Expensive oil raises the cost of fuel and freight, which feeds into the prices consumers pay. Because nearly everything sold to consumers requires some form of transportation, markets tend to follow oil prices closely and react accordingly.

That feed-through is visible in the consumer price index, which rose 3.7% in the 12-month period through September, with the energy index up 20.4%. Persistent inflation keeps the Federal Reserve leaning toward another rate increase after it lifted its target range by a quarter point in September.

Expected rate hikes push up Treasury yields, the return investors earn for lending to the U.S. government. The 10-year yield stayed above 5% on Monday, per U.S. Treasury Department data, and the 30-year yield touched about 5.7% on Oct. 7, the day of the $484.9 million exit. Bitcoin pays no yield, so a Treasury returning more than 5% with far less price risk competes for the same capital. The $261.4 million that left the funds on Oct. 14 came the same day the September CPI report was released.

U.S. spot Bitcoin ETFs remain about $88 million in the red for October, with nine trading sessions left in the month — a window that includes the Federal Reserve's next policy meeting, scheduled for Oct. 27-28, according to the central bank's published calendar. The decision lands before October's flow tally is final.