US spot Bitcoin ETFs lose about $910m over two weeks as October turns red
Spot Bitcoin funds bled $228.6m this week after a $681.1m exit the week before, leaving October down roughly $615m, Decrypt reports.
Why it matters: Daily ETF flow figures are a closely watched gauge of investor sentiment, and two straight weeks of outflows show institutions and advisers pulling back as rate-hike bets return.
Key points
- US spot Bitcoin ETFs saw net outflows of $228.6m this week, following $681.1m the week before, about $910m over the two weeks.
- The funds are down about $615m for October, though cumulative net inflows since launch stand at $57.3bn.
US spot Bitcoin ETFs lost about $910m over two weeks, with net outflows of $228.6m this week after $681.1m the week before, Decrypt reports. Friday alone saw $82.4m leave the funds, capping a week in which redemptions beat inflows on three of five trading days.
A $175.7m inflow on Tuesday was erased a day later by $261.4m in outflows, the week's heaviest session. That selling came alongside a hotter-than-expected September consumer price index of 3.7% year on year, above the 3.6% forecast, and a strong producer price reading the next day revived bets on another Federal Reserve rate hike.
The drop pushed Bitcoin below the estimated average cost basis of ETF holders near $82,300, Nexo analyst Iliya Kalchev told Decrypt.
October opened with roughly $293m of inflows but the funds are now down about $615m for the month, with the slide gathering pace on 7 Oct when a $484.9m exit marked their worst day since June. Ethereum and Solana ETFs have also lost ground this month. Cumulative net inflows since the January 2024 launch still stand at $57.3bn, and total net assets are $104.29bn according to SoSoValue.
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