CoinDesk
U.S. spot Bitcoin ETFs recorded $487.1 million in net outflows on Wednesday, their largest daily withdrawal since June 25, according to SoSoValue. The funds had drawn about $2.65 billion in September, but October flows have turned negative by $165.6 million so far, with the past six sessions alternating between inflows and outflows.
Why it matters
The outflow was unusually large relative to recent activity: it came in 2.1 standard deviations below the average daily flow over the past 90 days, which was roughly $92 million in inflows. The funds have attracted a net $717 million this year, a thin positive balance after cumulative flows reached a $5.76 billion deficit in July. Since spot ETFs began trading in January 2024, cumulative net inflows stand at $57.33 billion.
ETF demand was a major source of buying during the August-September rally. Its recent loss of momentum leaves Bitcoin more exposed to competing pressures, including volatile Treasury notes and concerns that U.S.-Iran tensions could push oil prices higher.
Market impact
Bitcoin was trading around $83,000 near the lower end of its recent consolidation. A sustained break below support could put $80,000 in view and weaken the bullish stair-step pattern. FxPro analyst Alex Kuptsikevich identified $80,500-$81,500 as a key area, encompassing last month's local highs and the 50-day moving average.
How Bitcoin behaves there may shape the next move: bargain buying could support a retest of prior highs, while forced selling by leveraged buyers could deepen losses. Kuptsikevich cited $76,000 and $72,000 as lower levels to watch in that scenario. The ETF outflow adds pressure, but the response around support remains a key test.
Frequently asked questions
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How large were Wednesday's U.S. spot Bitcoin ETF outflows?
The funds recorded $487.1 million in net outflows, their largest daily withdrawal since June 25.
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How have spot Bitcoin ETF flows changed from September to October?
The funds drew about $2.65 billion in September, while October flows are down $165.6 million so far.
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What support levels did Alex Kuptsikevich identify for Bitcoin?
The FxPro analyst identified $80,500-$81,500 as a key area, encompassing last month's local highs and the 50-day moving average.
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Which lower Bitcoin price levels could come into view if buyers capitulate?
Kuptsikevich cited $76,000 and $72,000 as potential lower levels if leveraged buyers capitulate.
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How much net inflow have spot Bitcoin ETFs recorded since launch?
Cumulative net inflows since the funds began trading in January 2024 stand at $57.33 billion.
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