Key Takeaways
- • US spot Bitcoin ETFs recorded $484.9 million in net outflows on Oct. 7, their largest single-day withdrawal since June 25, according to SoSoValue data.
- • Ethereum ETFs lost $160.9 million on the same day, extending a seven-session outflow streak to roughly $569 million, while the five-session tally of $506.3 million was the largest since January.
- • Combined crypto ETF outflows reached about $646 million on Wednesday as Bitcoin closed below $83,000 at its lowest daily close in 20 days and Ether slipped toward $2,500.
- • Bitfinex analysts had flagged slowing institutional demand before the selloff, with average daily Bitcoin ETF inflows falling from $341.7 million during the mid-September rally to roughly $35 million per day in early October.
- • BlackRock's IBIT led Bitcoin ETF redemptions at $207.7 million, and BlackRock's ETHA accounted for $116.1 million of Ethereum ETF outflows.
Summary
US spot Bitcoin and Ethereum exchange-traded funds posted their steepest withdrawals in months on Wednesday, October 7, as the cryptocurrency market extended its decline. According to data from SoSoValue, the 12 listed US Bitcoin ETFs lost $484.9 million in a single session, the largest daily outflow since June 25. BlackRock's iShares Bitcoin Trust (IBIT) led the redemptions with $207.7 million, followed by Fidelity's FBTC at $105.1 million and ARK 21Shares' ARKB at $101.7 million.
Ethereum funds faced parallel pressure. Spot Ether ETFs recorded $160.9 million in withdrawals, with BlackRock's ETHA accounting for $116.1 million and Grayscale's ETHE losing $25.8 million. The Ethereum products have now posted seven consecutive sessions of net outflows totaling approximately $569 million. SoSoValue's five-session figure of $506.3 million was the largest such stretch since January. Combined, the two ETF categories shed about $646 million on the day.
The selling coincided with Bitcoin falling to its lowest daily close in 20 days, below $83,000, and Ether retreating toward $2,500. The article notes that the price action occurred alongside rising US Treasury yields, a stronger dollar and elevated oil prices, all of which added pressure on risk assets.
The outflows followed a visible slowdown in institutional demand. In an Oct. 7 report, Bitfinex analysts said Bitcoin ETF flows had become increasingly uneven after the buying that supported September's recovery. Daily inflows averaged $341.7 million during Bitcoin's mid-September rally from $76,000 to $87,000. That pace fell to about $35 million per day over the five trading sessions through Oct. 6, for cumulative net inflows of $172.9 million across that period. The reversal on October 7 therefore erased a sharp deceleration that had already been underway.
Ethereum funds faced parallel pressure. Spot Ether ETFs recorded $160.9 million in withdrawals, with BlackRock's ETHA accounting for $116.1 million and Grayscale's ETHE losing $25.8 million. The Ethereum products have now posted seven consecutive sessions of net outflows totaling approximately $569 million. SoSoValue's five-session figure of $506.3 million was the largest such stretch since January. Combined, the two ETF categories shed about $646 million on the day.
The selling coincided with Bitcoin falling to its lowest daily close in 20 days, below $83,000, and Ether retreating toward $2,500. The article notes that the price action occurred alongside rising US Treasury yields, a stronger dollar and elevated oil prices, all of which added pressure on risk assets.
The outflows followed a visible slowdown in institutional demand. In an Oct. 7 report, Bitfinex analysts said Bitcoin ETF flows had become increasingly uneven after the buying that supported September's recovery. Daily inflows averaged $341.7 million during Bitcoin's mid-September rally from $76,000 to $87,000. That pace fell to about $35 million per day over the five trading sessions through Oct. 6, for cumulative net inflows of $172.9 million across that period. The reversal on October 7 therefore erased a sharp deceleration that had already been underway.
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