Inflows to Bitcoin ETFs have decreased after a significant surge of nearly $3 billion over the past six trading days. On November 1, 2024, Bitcoin ETFs experienced a drop in inflows, totaling only $31.3 million, following the $317 million drawn in by BlackRock's iShares Bitcoin Trust (IBIT). Other funds in the category reported outflows, with the Valkyrie Bitcoin Fund (BRRR) being the only one to see a slight influx of $1.9 million. This week marked a milestone as ETFs approached holding nearly 1.1 million BTC, the amount associated with Bitcoin's mysterious founder, Satoshi Nakamoto. Currently, Bitcoin trades above $70,000, showing a slight increase of 0.5%. Analysts noted that the rise in short-term implied volatility in Bitcoin prices mirrors patterns seen earlier this year before the launch of spot Bitcoin ETFs. Despite unforeseen job reports indicating only 12,000 new jobs added in September against expectations of 100,000, the impact on crypto markets remains subdued, reflective of a stable unemployment rate of 4.1%.

Source 🔗