Bitcoin ETFs Shed Nearly $1 Billion in Two Weeks as Uptober Stays Red

In brief

• U.S. spot Bitcoin ETFs posted net outflows of $228.6 million this week, after losing $681.1 million the week before.
• Outflows topped inflows on three of five trading days, with Wednesday’s $261.4 million exit the week’s worst session.
• The funds are down about $615 million for October, though cumulative net inflows since launch still stand at $57.3 billion.

Bitcoin ETF investors spent another week heading for the exits.

U.S. spot Bitcoin ETFs shed $82.4 million on Friday, according to Decrypt’s ETF tracker, capping a week in which outflows outweighed inflows on three of five trading days.

The funds lost a net $228.6 million for the week, according to SoSoValue, following a $681.1 million drain the week before. Over the two weeks, about $910 million has left the funds.

It was a choppy stretch. A $175.7 million inflow on Tuesday was wiped out a day later by $261.4 million in redemptions, the week’s worst session. Thursday brought a modest $5.1 million inflow before selling resumed Friday.

Wednesday’s selling coincided with a hot inflation print. The consumer price index showed prices up 3.7% year over year in September, above the 3.6% forecast. A hotter-than-expected producer price reading followed Thursday, reviving bets on another Federal Reserve interest rate hike.