Key Takeaways
- • U.S. spot Bitcoin and Ether ETFs recorded combined net outflows of $986.3 million so far in October, according to Farside Investors data: $407.4 million from Bitcoin ETFs and $578.9 million from Ether ETFs.
- • Bitcoin ETFs posted $244.1 million in net outflows on Thursday, following $484.9 million in withdrawals on Wednesday, the largest daily outflow since June 25.
- • Ether ETFs extended their outflow streak to eight consecutive trading sessions, shedding about $641.3 million since the streak began Sept. 29, including $72.5 million on Thursday.
- • The withdrawals coincided with a weakening Bitcoin rally, with the asset falling as low as $80,427 on Thursday per CoinGecko and trading at $82,506 at the time of writing.
Summary
U.S. spot Bitcoin and Ether exchange-traded funds have recorded nearly $1 billion in combined net outflows in October, according to data from Farside Investors cited by the publication. Bitcoin ETFs accounted for $407.4 million of the month-to-date withdrawals and Ether ETFs for $578.9 million, bringing the combined total to $986.3 million.
The pace of redemptions accelerated in the most recent sessions. Bitcoin ETFs recorded $244.1 million in net outflows on Thursday, after $484.9 million in withdrawals on Wednesday, the largest daily outflow since June 25. Ether ETFs posted $72.5 million in net outflows on Thursday, extending a losing streak to eight consecutive trading sessions. Over that streak, which began Sept. 29, the Ether funds have shed about $641.3 million.
The flows coincided with a softening in Bitcoin's price rally. According to CoinGecko, the cryptocurrency fell to as low as $80,427 on Thursday and traded at $82,506 at the time of writing. Glassnode noted that a pickup in spot trading volume and ETF buying would be needed to show that Bitcoin's recent breakout had real support.
The pace of redemptions accelerated in the most recent sessions. Bitcoin ETFs recorded $244.1 million in net outflows on Thursday, after $484.9 million in withdrawals on Wednesday, the largest daily outflow since June 25. Ether ETFs posted $72.5 million in net outflows on Thursday, extending a losing streak to eight consecutive trading sessions. Over that streak, which began Sept. 29, the Ether funds have shed about $641.3 million.
The flows coincided with a softening in Bitcoin's price rally. According to CoinGecko, the cryptocurrency fell to as low as $80,427 on Thursday and traded at $82,506 at the time of writing. Glassnode noted that a pickup in spot trading volume and ETF buying would be needed to show that Bitcoin's recent breakout had real support.
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