Bitcoin ETFs Suffer Worst Loss Since June as Uptober Turns Red

In brief

• Bitcoin ETFs lost $484.9 million on Oct. 7, their biggest one-day outflow since June 25, with BlackRock's IBIT accounting for $207.7 million.
• The 30-year Treasury yield hit about 5.7%, its highest since 2002, while Brent crude settled near $100 and most Fed officials expect another rate hike by year end.
• The funds are down $163.3 million for October through the 7th, after Bitcoin's six-year October winning streak ended with a 3.69% drop in 2025.

Bitcoin ETFs lost $484.9 million in a single day on Wednesday, the worst outflow since June 25, according to Decrypt's ETF tracker. BlackRock's IBIT took the biggest hit at $207.7 million, with Fidelity's FBTC next at $105.1 million.

That one session erased roughly 81% of everything that flowed in over the previous nine, so about two weeks of patient buying went out the door in a day. The funds still sit on $57.8 billion in cumulative net inflows, so while it’s a very bad day for ETFs, it’s not exactly a bank run.

The culprit has little to do with crypto itself and is likely much more related to the macro backdrop. The 30-year Treasury yield climbed to about 5.7% on Wednesday, its highest since 2002, while Brent crude settled around $100 a barrel and stocks slid from record highs. Ship attacks around the Strait of Hormuz keep piling up—at least one a day since Oct. 2—and each one is a reason for oil to stay expensive.