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Bitcoin, Ether ETFs’ October outflows swell toward $1B
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- DeepHorus
US spot Bitcoin and Ether exchange-traded funds have recorded nearly $1 billion in combined net outflows so far in October. Bitcoin ETFs lost $244.1 million on Thursday, while Ether funds shed $72.5 million. The withdrawals mark a sharp reversal for crypto investment products.
Ether ETFs have now extended their outflow streak to eight consecutive trading sessions. The streak began on Sept. 29. Over that period, the funds have shed about $641.3 million in net outflows.
Bitcoin ETFs also faced heavy selling. They recorded $484.9 million in net outflows on Wednesday, the largest daily withdrawal since June 25. Thursday's $244.1 million outflow added to the pressure.
October net outflows now total $407.4 million for Bitcoin ETFs and $578.9 million for Ether ETFs. Combined, the funds recorded $986.3 million in net outflows this month. That figure puts the category close to the $1 billion mark.
The outflows coincide with a weakening Bitcoin rally. The cryptocurrency fell to as low as $80,427 on Thursday, according to CoinGecko. It traded at $82,506 at the time of writing. The drop suggests investors are reducing their crypto exposure.
Glassnode said a pickup in spot trading volume and ETF buying would show that Bitcoin's recent breakout had real support. Without such signals, the rally may lack a solid foundation. The data points to caution among ETF investors.
Market participants will watch whether inflows return in the coming sessions. If outflows continue, Bitcoin and Ether could face further price pressure. A rebound in ETF demand may be needed to stabilize the market.
