Bitcoin ETF Inflows Drop to $23.2 Million as Murad Questions Bull Cycle

U.S. spot Bitcoin (BTC) exchange-traded funds took in $23.2 million Tuesday, a sharp slowdown after Monday’s rebound that left investors weighing conflicting signals about whether a broader crypto bull cycle has begun.

The Oct. 20 inflow followed $526.7 million in net purchases on Oct. 19. Monday’s total exceeded the $228.4 million withdrawn from the funds over the preceding five trading sessions. The two positive sessions ended that stretch of withdrawals, though the pace of inflows slowed markedly on Tuesday.

BlackRock’s IBIT gained $665.2 million on Oct. 19, more than the group’s net inflow. Fidelity’s FBTC lost $83.6 million and Grayscale’s GBTC lost $54.9 million that day, offsetting part of IBIT’s gain in the combined tally.

Memecoin investor Murad argued on Oct. 20 that the crypto bull cycle had yet to begin. He did not specify a date, price level or market indicator that would mark its start. His claim concerns the broader crypto market, while the fund figures track a group of U.S. Bitcoin investment products.

Market activity before Monday’s fund rebound was uneven. During the week through Oct. 18, Bitcoin spot trading showed greater selling pressure, even as traders paid more to maintain bullish futures positions. Options buyers also sought more protection against a decline. Those readings preceded the $526.7 million inflow and do not show whether Monday’s buying changed the trend.

A Bitcoin-focused test reached a different conclusion about the cycle. It placed the start on Aug. 20 after 30 consecutive days above the 200-day moving average, using data through Sept. 21. That measure tracks Bitcoin’s price relative to a long-term average rather than the broader crypto market Murad discussed.

Bitmine Chairman Tom Lee has argued that the crypto bull market is already underway, pointing to earlier moves above the same average. Lee said eight of nine such moves since 2012 were bull-market signals. Murad offered no comparable threshold for his broader claim.