Key Takeaways
- • U.S. spot bitcoin ETFs recorded net outflows of $487.1 million on Wednesday, October 7, per SoSoValue data, the largest daily outflow since June 25.
- • The outflow was roughly 2.1 standard deviations below the 90-day average daily flow of about $92 million in inflows, according to CoinDesk's analysis, which classifies it as a rare event.
- • Flows have turned choppy: the funds took in about $2.65 billion in September, but October is down $165.6 million so far, and the past six sessions have alternated between small inflows and outflows.
- • Year-to-date net inflows of $717 million are a thin cushion over zero, following a cumulative low of a $5.76 billion net outflow in July. Cumulative net inflows since the funds began trading in January 2024 stand at $57.33 billion.
- • Bitcoin, trading near $83,000, is testing a price floor that has held since September 21; analysts flag a sustained break below that level as exposing $80,000.
Summary
U.S. spot bitcoin exchange-traded funds saw heavy redemptions on Wednesday, with net outflows of $487.1 million, according to data from SoSoValue cited by CoinDesk. The figure was the largest single-day outflow since June 25 and came just one day after analysts had said that substantial inflows would be needed to push bitcoin meaningfully above $87,000, a level that has capped gains recently.
CoinDesk's analysis of the past 90 days places the outflow about 2.1 standard deviations below the average daily flow, which has been roughly $92 million in net inflows. Under a normal distribution, about 95% of daily observations fall within two standard deviations of the mean, so the move is statistically unusual. Flows have been erratic in recent weeks. The funds took in approximately $2.65 billion in net inflows in September, but October-to-date net flows total negative $165.6 million, and the last six sessions have alternated between small inflows and small outflows.
The longer-term picture is more mixed. Year-to-date net inflows of $717 million leave the funds only narrowly positive, particularly relative to the cumulative net outflow low of $5.76 billion reached in July. Since the products began trading in January 2024, cumulative net inflows have reached $57.33 billion.
Bitcoin was trading around $83,000 at the time of reporting, close to a price floor that has held since its rally stalled on September 21. CoinDesk reports that analysts view a sustained break below that level as exposing $80,000 and breaking the steady bullish stair-step pattern on the daily chart. One analyst cited in the report noted that the $80,500 to $81,500 range contains last month's local highs and the 50-day moving average, an area that bears could plausibly reach.
CoinDesk's analysis of the past 90 days places the outflow about 2.1 standard deviations below the average daily flow, which has been roughly $92 million in net inflows. Under a normal distribution, about 95% of daily observations fall within two standard deviations of the mean, so the move is statistically unusual. Flows have been erratic in recent weeks. The funds took in approximately $2.65 billion in net inflows in September, but October-to-date net flows total negative $165.6 million, and the last six sessions have alternated between small inflows and small outflows.
The longer-term picture is more mixed. Year-to-date net inflows of $717 million leave the funds only narrowly positive, particularly relative to the cumulative net outflow low of $5.76 billion reached in July. Since the products began trading in January 2024, cumulative net inflows have reached $57.33 billion.
Bitcoin was trading around $83,000 at the time of reporting, close to a price floor that has held since its rally stalled on September 21. CoinDesk reports that analysts view a sustained break below that level as exposing $80,000 and breaking the steady bullish stair-step pattern on the daily chart. One analyst cited in the report noted that the $80,500 to $81,500 range contains last month's local highs and the 50-day moving average, an area that bears could plausibly reach.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.