BlackRock's bitcoin fund, IBIT, took in $665.2 million on Monday, its biggest day since October 2025. That pulled the US spot bitcoin funds as a group to a net $526.7 million inflow on Monday, according to Farside Investors, which tracks the daily figures.

On Monday the US ether funds lost $103.3 million, their fourth straight day of withdrawals. BlackRock's ether fund, ETHA, accounted for $95.4 million of it.

So the money that came back on Monday came back for bitcoin only, and nearly all of it went to one company. IBIT was the only bitcoin fund that took money in. Fidelity's fund lost $83.6 million and one other fund lost $54.9 million, and every other fund reported no flow at all.

One good day doesn't undo the ones before it. In the week of October 12 to 16 the bitcoin funds lost $228.4 million and the ether funds lost $320.1 million. Across the ten sessions from October 6 to 19, the bitcoin funds are still down $290.8 million and the ether funds are down $914.8 million.

The price didn't follow the money either. Bitcoin is $81,351 at midday Tuesday, down 1.4% in 24 hours, and ether is $2,383, down 1.6%.

Holders have a stake in this because fund flows are the clearest view of whether new money is arriving from outside crypto. A single big day at one issuer could be a handful of large clients. Two or three in a row, with Fidelity and the others joining in, would look like demand coming back.

For ether the picture is plainer. Its funds have lost money on every day but one since October 6, and until that stops, ether holders don't have the buyers bitcoin found on Monday. Tuesday's figures arrive this evening.

French deputies have approved, by a single vote, a change to the budget that would make swapping into a stablecoin a taxable event from January 2027. The full budget goes to a vote today.

Under current French rules you can swap one crypto asset for another and pay no tax on the gain until you cash out into ordinary money. The amendment ends that deferral for conversions into single-currency e-money tokens, the European legal name for stablecoins tied to one currency, such as a euro or dollar coin.

It only becomes law if it survives the rest of the budget process, and one vote is a thin margin.

If it does, a French holder who moves gains into a stablecoin to sit out a falling market would owe tax on that move, even though no money has left crypto.

J.P. Morgan Asset Management, the investment arm of JPMorgan Chase, has put bitcoin in its long-term return forecasts for the first time. Its 2027 Long-Term Capital Market Assumptions, a yearly set of forecasts that pension funds and financial advisers use when they decide what to hold, expect bitcoin to return 10% a year over the next 10 to 15 years.

That puts it ahead of large US company stocks at 7.5%, US property trusts at 8.2% and gold at 5.5%. The same document expects bitcoin's price to swing by 55% a year.

Matt Hougan, chief investment officer at Bitwise, said the figures make bitcoin the highest-returning asset in the forecast over the next decade.

None of this is a purchase. It does mean that when an adviser builds a plan from JPMorgan's numbers, bitcoin now has a line of its own, with a return and a risk figure attached.