Bitcoin funds just had a strong day, but almost all the good news came through one door.

Data reported on October 20 shows BlackRock's IBIT attracted $665.2 million on Monday, October 19. Across U.S. spot bitcoin ETFs, the combined net inflow was a smaller $526.7 million, according to Farside Investors. Fidelity's FBTC lost $83.6 million and Grayscale's GBTC lost $54.9 million. The other products in Farside's table recorded zero net flows. That makes this a story about concentrated demand, rather than a wave of buying across every fund.

I mention this because the it's an important distinction - a overall total for a segment of the market can conceal very different experiences for individual products. IBIT's intake exceeded the entire group's ne...