Key Takeaways
- • US spot Bitcoin ETFs posted $386.3 million in net outflows over the first seven trading days of October, according to Farside Investors data.
- • US spot Ethereum ETFs extended their losing streak to nine straight trading days, pulling a combined $697.4 million since Sept. 29, with October alone accounting for $635 million.
- • The heaviest selling came on Oct. 7, when Bitcoin funds lost $484.9 million, their worst day since June per publisher context.
- • Bitcoin traded near $83,000 and Ether near $2,530 at the time of writing, both up slightly despite continued fund outflows.
- • Bitcoin treasury firm Strive added 2,000 BTC between Sept. 28 and Oct. 2 and announced a new $500 million preferred stock buyback facility, even as outside ETF money exited.
Summary
US spot Bitcoin and Ethereum exchange-traded funds both continued to see net outflows through the first week of October, according to Farside Investors data cited by CoinMarketCap. Bitcoin funds shed a net $386.3 million over the first seven trading days of the month, while Ether funds extended their outflow streak to nine consecutive trading days, removing a combined $697.4 million since the run began on Sept. 29.
Bitcoin ETF flows were volatile within the period. The funds took in $102.7 million on Oct. 1 and $189.9 million on Oct. 2, then recorded an $89.8 million outflow on Oct. 5 and a $118.8 million inflow on Oct. 6. The heaviest selling came midweek, with $484.9 million leaving the funds on Oct. 7 and $244.1 million on Oct. 8. A $21.1 million inflow on Oct. 9 reduced the monthly net outflow to its current level.
Ether ETFs have not recorded a day of net inflows since Sept. 28. October alone accounts for $635 million of the Ether outflows, with each of the month's seven trading days so far in negative territory.
The redemptions coincided with a weak stretch for Bitcoin, which slid below $84,000 earlier in the week as long liquidations reached $487 million. Prices recovered slightly on the day, with Bitcoin near $83,000 and Ether near $2,530 at the time of writing.
Not all large buyers were reducing exposure. Bitcoin treasury firm Strive added 2,000 BTC to its holdings between Sept. 28 and Oct. 2 and established a new $500 million buyback facility for its preferred stock, even as ETF data showed institutional and retail capital moving out of the products.
Bitcoin ETF flows were volatile within the period. The funds took in $102.7 million on Oct. 1 and $189.9 million on Oct. 2, then recorded an $89.8 million outflow on Oct. 5 and a $118.8 million inflow on Oct. 6. The heaviest selling came midweek, with $484.9 million leaving the funds on Oct. 7 and $244.1 million on Oct. 8. A $21.1 million inflow on Oct. 9 reduced the monthly net outflow to its current level.
Ether ETFs have not recorded a day of net inflows since Sept. 28. October alone accounts for $635 million of the Ether outflows, with each of the month's seven trading days so far in negative territory.
The redemptions coincided with a weak stretch for Bitcoin, which slid below $84,000 earlier in the week as long liquidations reached $487 million. Prices recovered slightly on the day, with Bitcoin near $83,000 and Ether near $2,530 at the time of writing.
Not all large buyers were reducing exposure. Bitcoin treasury firm Strive added 2,000 BTC to its holdings between Sept. 28 and Oct. 2 and established a new $500 million buyback facility for its preferred stock, even as ETF data showed institutional and retail capital moving out of the products.
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.