TLDR
- US spot Bitcoin ETFs recorded $635 million in outflows on October 22, their largest daily withdrawal since June.
- October’s net flows turned negative at approximately $175 million after Wednesday’s $528 million inflow.
- BlackRock’s IBIT led the withdrawals with $254 million, reversing its previous day’s gains.
- Ether, Solana and HYPE funds recorded outflows, while XRP ETFs attracted approximately $3.6 million.
- Bitcoin ETFs retained about $443 million in weekly net inflows through Thursday despite the sharp reversal.
US spot Bitcoin ETFs recorded $635 million in net withdrawals on October 22, reversing a short recovery and pushing October’s total flows below zero. The decline followed three consecutive sessions of investor deposits, according to SoSoValue data covering US-listed spot funds. These figures cover completed trading sessions.
Bitcoin ETFs Post Largest Outflow Since June
Thursday’s withdrawals marked the biggest daily loss since June 25, when investors removed $696 million. The latest session left the funds with approximately $175 million in net outflows for October, compared with positive monthly flows a day earlier.
The reversal followed a Monday rebound in Bitcoin ETFs that helped start a three-day inflow run totaling $1.08 billion. Wednesday alone brought in $528 million. The inflows followed two straight losing weeks, when investors withdrew about $910 million. Despite Thursday’s decline, the funds retained roughly $443 million in net inflows for the week through October 22.
BlackRock’s IBIT Leads Thursday’s Withdrawals
BlackRock’s iShares Bitcoin Trust, known as IBIT, accounted for approximately $254 million of Thursday’s redemptions. That made it the largest contributor to the daily decline among US spot Bitcoin funds.
IBIT had attracted around $235 million on Wednesday, while Fidelity’s Wise Origin Bitcoin Fund received $212.7 million. Thursday’s outflow exceeded IBIT’s prior-day intake by $19 million. The remaining Bitcoin funds recorded about $381 million in combined net withdrawals across the same trading session.
Ether, Solana and HYPE Funds See Outflows
US spot Ether ETFs lost approximately $111 million on Thursday. The withdrawals followed an earlier period of pressure, including a week of Ether ETF outflows totaling about $320 million through October 16.
Solana funds recorded around $9 million in net outflows, while funds linked to Hyperliquid’s HYPE token lost about $8 million. XRP ETFs moved in the opposite direction, attracting approximately $3.6 million during the session.
Bitcoin Price and ETF Asset Totals
Bitcoin traded between $80,996 and $82,551 on Thursday, below Wednesday’s high of $84,777. The cryptocurrency changed hands near $81,783 at publication, with a 24-hour decline of about 1%, according to CoinGecko.
Since their January 2024 debut, US spot Bitcoin ETFs have accumulated $57.32 billion in net inflows. Their combined assets stood at $104.71 billion. Separately, Grayscale expanded direct token subscriptions across several crypto funds this week. Thursday’s $635 million outflow represented roughly 0.6% of total Bitcoin ETF assets.
