October Witnesses Nearly $1B in Combined Bitcoin and Ether ETF Withdrawals
Spot exchange-traded funds tracking Bitcoin and Ether in the United States have experienced combined net withdrawals of $986.3 million throughout October, with Ether-focused products experiencing an eight-day exodus totaling $641.3 million.
Exchange-traded funds (ETFs) offering spot exposure to Bitcoin and Ether in the United States have witnessed approximately $1 billion in aggregate net capital withdrawals throughout the current month of October.
Data compiled by Farside Investors reveals that Bitcoin-tracking ETFs experienced $244.1 million in net capital outflows during Thursday's trading session, which came on the heels of Wednesday's $484.9 million exodus, marking the most significant single-day withdrawal since June 25.
Meanwhile, Ether-focused ETFs registered $72.5 million in net withdrawals on Thursday, marking the eighth consecutive trading day of capital flight. Throughout this withdrawal period, which commenced on Sept. 29, the products have experienced approximately $641.3 million in cumulative net outflows.
The month of October has now accumulated net outflows totaling $407.4 million for Bitcoin-linked ETFs and $578.9 million for Ether-based ETFs. When aggregated together, these investment vehicles have witnessed $986.3 million in net capital withdrawals during the month.
These capital withdrawals are occurring alongside a deteriorating Bitcoin price rally. The leading cryptocurrency declined to a low point of $80,427 during Thursday's session, based on data from CoinGecko. At the moment of publication, it was changing hands at $82,506.
According to analytics firm Glassnode, an increase in spot market trading activity and ETF purchasing volume would demonstrate that Bitcoin's recent price breakthrough possessed genuine underlying support.