Bitcoin ETFs reversed course in a day. Who is buying when the funds sell?

U.S. spot Bitcoin funds have swung from $524.8 million in net inflows on October 21 to $635.6 million in outflows on October 22, followed by another $137.9 million in withdrawals on October 23. Farside Investors’ fund-by-fund table shows the turn across BlackRock, Fidelity, Ark Invest and other issuers, but it cannot identify the buyer who took the other side of a Bitcoin sale. An investor can sell an ETF share to another investor without a coin changing hands. A market maker can carry shares for a time, or an authorized participant can redeem a block of them for cash or Bitcoin. Only some of those routes require an immediate sale in the underlying market.

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