Bitcoin, Ethereum and Solana ETFs All in the Red for October

In brief

• U.S. spot Bitcoin ETFs are down a net $386.3 million for October after Wednesday’s $484.9 million exit, their worst day since June, despite a $21.1 million inflow on Friday.
• Ethereum ETFs extended their outflow streak to nine days, losing $635 million in October and nearly $700 million over the full streak.
• Solana ETFs are also negative for the month, at a loss of $24.8 million after five straight days of outflows

“Uptober” isn’t living up to its name for crypto ETFs.

U.S. spot Bitcoin ETFs took in $21.1 million on Friday, according to Decrypt’s ETF tracker. That’s a modest bounce after back-to-back outflows of $484.9 million on Wednesday and $244.1 million on Thursday. Even so, the funds are down a net $386.3 million through the first seven trading days of October.

Bitcoin and other crypto asset ETFs allow investors to gain exposure to digital currencies without using crypto exchanges or wallets. These funds track the price of the asset and trade like stocks on a brokerage app. They’ve been very successful since their launch, and flows in and out of the funds have become a reliable measure of current market sentiment.

The month started strong, with $292.6 million in inflows across Oct. 1 and 2. A $118.8 million inflow on Oct. 6 couldn’t offset the selling that followed, and Wednesday’s exit was the funds’ worst day since June.