US Bitcoin ETF Outflows Hit $485M Amid Market Shifts

US Bitcoin ETF outflows reached $485 million on Wednesday, October 7, wiping out the funds’ early-October gains and turning monthly flows negative. It was their largest daily withdrawal since June 25, when investors pulled $691.7 million.

Cointelegraph reported the reversal, citing Farside Investors data. The withdrawals more than offset the $321.6 million accumulated over October’s first four trading sessions, leaving the funds with approximately $163 million in net outflows for the month.

The shift followed a positive session on October 6. Bitcoin ETFs attracted $118.8 million that day, according to crypto.news, including $122 million into BlackRock’s iShares Bitcoin Trust.

BlackRock leads US Bitcoin ETF outflows

BlackRock’s iShares Bitcoin Trust (IBIT) recorded the biggest withdrawal on Wednesday at $207.7 million. Fidelity’s FBTC lost $105.1 million, while ARK 21Shares’ ARKB posted $101.7 million in outflows.

Additional Farside Investors figures reported by crypto.news showed $27.6 million leaving Bitwise’s BITB and $39.3 million leaving Grayscale’s GBTC. The US Bitcoin ETF outflows reversed the positive monthly balance in a single trading session.

Ether funds also recorded withdrawals. On Wednesday, a combined $160.9 million flowed out of US spot Ether ETFs, with $116.1 million of that total tied to BlackRock’s iShares Ethereum Trust (ETHA). Grayscale’s Ethereum Trust (ETHE) recorded another $25.8 million in outflows, according to Farside Investors.

That followed a substantial Ether withdrawal the previous day. Crypto Briefing reported that ETHA lost $201.89 million on October 6, accounting for the sector’s roughly $202 million net outflow that session.

Bitcoin traded near $82,700 on Thursday, October 8, down about 2% over the preceding 24 hours, according to CoinGecko.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.