Bitcoin ETFs Bleed $485M as BTC Falls Toward $82K — Bearish Move Ahead?

U.S. spot Bitcoin ETFs recorded their largest single day outflow in more than a year, with nearly $485 million leaving the funds on October 7. The heavy selling came as Bitcoin dropped close to $82,000. 

The move also reversed the market’s early “Uptober” gains as rising tensions around the Strait of Hormuz increased pressure on risk assets.

Bitcoin ETFs See $485 Million in Outflow

On 7 October, U.S. spot Bitcoin ETFs recorded $484.9 million in net outflows, marking their largest single-day withdrawal since June 25.

Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) led the selling, recording $207.7 million in outflows. Fidelity and Ark Invest’s Bitcoin ETF products also recorded withdrawals of more than $100 million each.

The heavy selling came just one day after the BTC ETFs recorded $118.8 million in net inflows.

The selling was also seen across Ethereum ETFs. U.S. spot Ethereum ETFs recorded $160.9 million in net outflows on the same day, pointing to broader selling across crypto investment products.

Bitcoin Falls on Hormuz Crisis as Oil Jumps to $104

The ETF outflows came as Bitcoin fell below $83,000, marking its lowest daily close in 17 days.

Selling pressure increased as geopolitical tensions rose. Coinpedia News reported that Iran had increased missile and drone attacks on commercial oil tankers near the Strait of Hormuz.