Key Takeaways
- • US spot Bitcoin ETFs recorded $485 million in net outflows on Wednesday, Oct. 7, erasing their early-October gains and pushing combined October flows negative at roughly -$163 million.
- • The outflow was the largest single-day withdrawal since June 25, when investors pulled $691.7 million from the funds.
- • BlackRock's iShares Bitcoin Trust (IBIT) led redemptions with $207.7 million out, followed by Fidelity's FBTC at $105.1 million and ARK 21Shares' ARKB at $101.7 million.
- • The reversal followed $118.8 million of inflows on Oct. 6, and Bitcoin traded near $82,700 on Thursday, down about 2% over 24 hours.
Summary
US spot Bitcoin exchange-traded funds recorded $485 million in net outflows on Wednesday, Oct. 7, according to tokenpost.com, reversing the gains they had accumulated earlier in the month. Other publications covering the session cited a slightly lower figure of $484.9 million. The withdrawals were the largest daily outflow since June 25, when investors pulled $691.7 million from the funds.
Early-October flows had been positive. The first four trading sessions of October produced $321.6 million in net inflows, but Wednesday's redemptions left the funds with approximately $163 million in net outflows for the month. The sell-off came one session after the funds attracted $118.8 million on Oct. 6.
Outflows were concentrated in the largest products. BlackRock's iShares Bitcoin Trust posted the largest withdrawal at $207.7 million. Fidelity's FBTC lost $105.1 million, ARK 21Shares' ARKB recorded $101.7 million in outflows, Grayscale's GBTC saw $39.3 million leave, and Bitwise's BITB lost $27.6 million. Separate coverage of the session characterized the selling as forced long liquidations that pushed Bitcoin lower, and reported that Ether funds logged a seventh consecutive session of outflows.
Bitcoin traded near $82,700 on Thursday, down about 2% over the previous 24 hours, according to the report.
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Early-October flows had been positive. The first four trading sessions of October produced $321.6 million in net inflows, but Wednesday's redemptions left the funds with approximately $163 million in net outflows for the month. The sell-off came one session after the funds attracted $118.8 million on Oct. 6.
Outflows were concentrated in the largest products. BlackRock's iShares Bitcoin Trust posted the largest withdrawal at $207.7 million. Fidelity's FBTC lost $105.1 million, ARK 21Shares' ARKB recorded $101.7 million in outflows, Grayscale's GBTC saw $39.3 million leave, and Bitwise's BITB lost $27.6 million. Separate coverage of the session characterized the selling as forced long liquidations that pushed Bitcoin lower, and reported that Ether funds logged a seventh consecutive session of outflows.
Bitcoin traded near $82,700 on Thursday, down about 2% over the previous 24 hours, according to the report.
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```
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