Busy Monday at BlackRock: its IBIT bitcoin ETF took in +$665.2M on 19/10, its biggest single-day inflow of 2026, according to Farside. The same day, the firm filed a new fund, PBIT, with the SEC, which limits losses by capping gains.
1/ The flows. US spot BTC ETFs saw net inflows of +$526.7M on 19/10 (Farside), despite FBTC at -$83.6M and GBTC at -$54.9M. For IBIT, you have to go back to 07/10/2025 (+$899.4M) to find a larger inflow. For October, the group remains at -$88M net, while IBIT alone is at +$854.7M.
2/ The product. iShares Bitcoin Managed Protection ETF (PBIT), filed as a 485APOS on 19/10. It does not hold bitcoin: it uses call spreads on IBIT across three tranches, plus short-term bonds. Each tranche aims to limit the maximum loss to around 10% at purchase, before fees, in exchange for a cap on gains. Fees, cap and exchange are left blank. It could take effect no earlier than 75 days after filing, around 02/01/2027, but that does not mean it has been approved.
3/ The price.
$BTC a touched $83,100 on Kraken on Monday, then closed at $81,844. Tuesday 07:50 UTC: $81,440. As for
$ETH , ETFs saw another $103.3M in outflows (ETHA -$95.4M), their 4th straight down session.
My take: an inflow concentrated in a single issuer looks more like an institutional allocation than a return of retail investors. PBIT points in the same direction: BlackRock is preparing a โcautiousโ version for advisers put off by volatility.
Two scenarios to watch this week:
- IBIT has another big session and BTC recovers $83,100: the 19/10 inflow becomes a trend.
- Outflows return and BTC closes below $80,560 (the 18/10 low on Kraken): it was a one-off.
A bitcoin ETF that limits losses to ~10% but caps gains: a good entry point for cautious investors, or bitcoin without what makes it worthwhile?
#BlackRock #BitcoinETF #IBIT