Bitcoin ETFs Experience Largest Single-Day Withdrawal of $485M Since Late June
A massive $485 million exodus from Bitcoin ETFs wiped out all of October's gains, as Ethereum funds continued their decline for the seventh consecutive session.
On Wednesday, United States spot Bitcoin exchange-traded funds (ETFs) experienced net outflows totaling $484.9 million, completely reversing the previous day's positive momentum of $118.8 million in net inflows.
These withdrawals marked the most significant outflow event since June 25, a date when the investment vehicles experienced losses of $691.7 million, based on data from Farside Investors.
The outflows witnessed on Wednesday completely eliminated the positive $321.6 million in net inflows that had accumulated during the initial four trading days of October, resulting in Bitcoin ETFs now sitting at roughly $163 million in net outflows for the current month.
The iShares Bitcoin Trust (IBIT) from BlackRock dominated Wednesday's withdrawal activity with $207.7 million departing the fund, with Fidelity's FBTC coming in second at $105.1 million and ARK 21Shares' ARKB recording $101.7 million in outflows. Notably, IBIT had experienced $122 million in net inflows just one day earlier.
On Thursday, Bitcoin was trading around the $82,700 level, reflecting approximately a 2% decline compared to the preceding 24-hour period, based on data from CoinGecko.
In parallel developments, United States spot Ether ETFs saw $160.9 million in net outflows on Wednesday, marking the seventh consecutive trading session of withdrawals for these investment products.
Since Sept. 29, Ether funds have experienced outflows totaling approximately $569 million, with the iShares Ethereum Trust (ETHA) from BlackRock responsible for $116.1 million of the withdrawals recorded on Wednesday. The Ethereum Trust (ETHE) from Grayscale registered $25.8 million in outflows, based on information from Farside Investors.