Spot Bitcoin exchange-traded funds recorded $294.29 million in net inflows on Oct. 22 even as Bitcoin’s price fell below $67,000.

On Oct. 22, Bitcoin saw a price drop of 3.25%, falling from an intraday high of $69,227 to a low of $66,975. This decline contributed to over $167 million in long liquidations across the crypto market, with Bitcoin alone accounting for $40.53 million of these liquidations, second only to Ethereum, which saw $55.9 million in long liquidations.

At the time of writing, Bitcoin (BTC) was trading at around $67,500, down 2.3% in the past 24 hours.

The downturn in Bitcoin’s price did not dampen investor confidence in spot Bitcoin ETFs, which have now recorded seven consecutive days of inflows. The U.S.-based spot Bitcoin ETFs concluded last week with over $2.1 billion in total inflows and continued the trend with an additional $294.29 million at the start of this week.

BlackRock’s IBIT led the charge on Oct. 21, drawing in $329.03 million. The IBIT fund has quickly emerged as a favored investment vehicle for those seeking exposure to Bitcoin, amassing over $1 billion in net inflows last week alone, accounting for half of all U.S. spot Bitcoin ETF inflows.

The fund’s strong performance has pushed it to surpass Vanguard’s Total Stock Market ETF in year-to-date inflows, positioning it third overall, according to Bloomberg ETF analyst Eric Balchunas.

Fidelity’s FBTC also reported gains, with approximately $5.9 million in inflows on Monday. However, not all ETFs shared in the success. Competing funds such as Bitwise’s BITB, ARK and 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC experienced redemptions totaling over $40 million, while other ETFs saw no inflows.

Ethereum ETFs face outflows amidst market downturn

While Bitcoin ETFs saw robust inflows, Ethereum-based ETFs faced a different scenario.

On Oct. 21, spot Ethereum ETFs recorded $20.8 million in net outflows, ending a three-day streak of inflows. Grayscale’s ETHE led the outflows, with $29.58 million exiting the fund.

BlackRock’s ETHA and VanEck’s ETHV managed to offset some of the outflows, recording inflows of $4.86 million and $3.92 million, respectively. However, the remaining spot Ethereum ETFs saw no activity for the day.

At the time of writing, Ethereum (ETH) was trading at $2,643, down 3.4% over the past 24 hours.

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